SBI Expands US Network, Opens First SBIC Bank Branch in Texas

NEW DELHI— State Bank of India (SBI), India’s largest lender, has expanded its presence in the United States with the inauguration of a new branch of its wholly owned subsidiary, SBIC Bank, in Frisco, North Dallas, Texas.

The new branch, inaugurated by SBI Chairman Challa Sreenivasulu Setty, marks SBIC Bank’s first branch outside California and takes its total US branch network from seven to eight, the bank said in a statement on Saturday.

The expansion is aimed at strengthening SBI’s footprint in the strategically important US market while meeting the growing banking requirements of individuals, professionals, entrepreneurs and businesses in the Dallas region.

The Frisco branch will offer a range of personal and business banking services, including retail deposits, commercial lending, international remittances to India and other countries, and specialised banking services for non-resident Indians (NRIs).

“The inauguration of SBIC Bank’s Texas branch marks a significant milestone in SBI’s international growth journey,” Setty said.

He noted that the bank’s expansion beyond California reflects its commitment to serving local communities and the Indian diaspora while supporting the financial needs of individuals and businesses in key US markets.

The move also strengthens SBI’s role in promoting financial and economic ties between India and the United States, he added.

Apart from its eight SBIC Bank branches, SBI operates three direct branches in New York, Chicago and Los Angeles, along with a representative office in Washington, DC.

Globally, the public sector lender has 245 overseas points of presence across 29 countries. These include branches, sub-offices, representative offices, foreign banking subsidiaries and joint ventures.

SBI also maintains correspondent banking relationships with 222 banks across 56 countries, supporting its international operations. Its YONO Global digital banking platform is available across 14 foreign offices and subsidiaries.

The bank’s overseas business has also recorded strong growth. Foreign advances increased 22.86 per cent year-on-year to Rs 8,31,332 crore in the quarter ended September 30, while deposits mobilised through its foreign offices rose 22.61 per cent to Rs 2,83,319 crore, according to the statement.

The opening of the Texas branch represents a further step in SBI’s international expansion and strengthens its banking presence in a region with a growing population of Indian-origin residents and businesses. (Source: IANS)