With the aim to boost the union territory`s economy, State Bank of India (SBI) has announced that it intends to diversify operations in the Andaman & Nicobar (A&N) Islands.
According to the sources, SBI branches would be increased from 18 to 20 by the end of the current fiscal.

The sources further revealed that the number of ATMs would also be enhanced from 11 to 16 by December, adding that one would be installed at Car Nicobar Islands.

State Bank of India, a leading private sector lender has announced that it has clinched a pact with Insurance Australia Group (IAG) with the aim to form a new conglomerate which would cater to the general insurance business in the domestic market.

Under the terms of JV agreement, SBI will be the owner of 74 percent stake in the new entity, while the remaining 26 percent will be hold by IAG.

While commenting on the agreement, Mr. O P Bhatt said, "Insurance penetration in India is very low and the general insurance industry is expected to grow at a brisk rate of

State Bank of India has informed that it has got sanction from Reserve Bank for a joint venture with Societe Generale, a leading financial services group from Europe, for providing custodial and related services in the country.

According to the sources, SBI will own 65% equity in the new joint venture that will be build to undertake the business, while the remaining 35 per cent will be hold by Societe Generale Securities Services.

The source further revealed that the new conglomerate intends to start operations by the first quarter of fiscal 2009.

The State Bank of India (SBI) has posted an 11.5 per cent jump in its net profit during the August-September quarter of 2008-09.

The bank’s consolidated profits stood at Rs 2,458 crore for the quarter ended September 30 as compared to Rs 2,204.56 crore in the same period previous year.

The bank’s total income rose by 26.41 per cent in the period under review to Rs 27,083.47 crore as compared to Rs 21,424.26 crore in Q2 2008.

The net profit of the country’s largest bank rose by 40.23 per cent to Rs 2,259.72 crore as against Rs 1,611.42 crore in the same period last year.

Public sector lender State Bank of India (SBI) has made announcement that the bank has inked a Joint Venture pact with Macquarie and IFC.

The source close to the bank said that the main motive behind entering into JV is to build and control an Infrastructure Private Equity Fund for investing in Indian Infrastructure projects and Companies.

According to the reports, the JV agreement is based on the earlier MOU inked on April 16, 2008.

The fund will be functional on receipt of requisite regulatory sanctions.