The U.S. banking arm of India's largest lender has opened its first office outside California, and it chose Frisco.
State Bank of India (California), a wholly owned subsidiary of State Bank of India, has opened a branch in the city, its first physical location outside California, according to reports in Business Standard, ETBFSI and other outlets published over the weekend and on Tuesday. The new office brings the subsidiary's U.S. branch network to eight locations.
SBI Group Chairman Challa Sreenivasulu Setty led the inauguration, joined by D.C. Manjunath, India's consul general in Houston, and Frisco Mayor Mark Hill, Business Standard reported.
"The inauguration of SBIC Bank's Texas branch marks a significant milestone in SBI's international growth journey," Setty said at the event, according to The Indian Eye.
What the branch offers
According to the reports, the Frisco office is a full-service branch for both people and businesses, with personal and business deposit accounts, commercial loans and international money transfers. The bank says it is aiming at individuals, professionals, entrepreneurs and companies across North Texas.
Manjunath said the branch would strengthen economic and commercial ties between India and the United States and make banking easier for the fast-growing Indian community in North Texas, according to the reports.
