SBI has taken the initiatives to acquire a second bank in Indoneshia. As per the Financial Times report the finalization plans are completed and it also plans to setup a subsidiary in Australia.
The first acquisition of SBI in Indoneshia took place in 2006। Since the neighboring Indonesia is a growing economy and the number of Indians getting into various business activities in that country, it would be the right time for the bank to enhance its growth there.
BI Deputy Managing Director Pratip Chaudhuri confirmed on Sunday in Mumbai that the bank had shortlisted three banks of which it would acquire one for $100 million through PT Bank SBI Indonesia. The bank decided on the Indonesian acquisition as the local law would not allow setting up new branches in the country. SBI would obtain clearance from the Reserve Bank of India and from the Indonesian banking regulator, he added.
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