State Bank of Travancore improves Mid-East operations
By IANSTuesday, April 27, 2010
THIRUVANANTHAPURAM - The State Bank of Travancore (SBT) will beef up its operations in the Middle East to shore up non-resident Indian (NRI) deposits.
In the 2009-10 fiscal, the public sector bank’s NRI deposits fell to Rs.2,455 crore from Rs.2,500 crore in 2008-09.
A.K. Jagannathan, the bank’s managing director, told reporters here Monday night that the bank will open more exchange houses in the Middle East.
“Now we have 28 exchange houses in the Middle East, of which two are fully managed by us. Now, we will open five more,” he added.
A subsidiary of State Bank of India, the bank closed the last fiscal with net profits going up to Rs.684.27 crore from Rs.607.83 crore in 2008-09.
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