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State Bank of India expanded its banking subsidiary footprint in the United States with the inauguration of a new branch of SBIC Bank in Frisco, North Dallas, Texas.
The branch, inaugurated by SBI Chairman Challa Sreenivasulu Setty, represents the subsidiary's first office outside California and takes its total branch count in the country from seven to eight. Beyond the eight subsidiary branches, SBI operates three direct branches in New York, Chicago, and Los Angeles, alongside a representative office in Washington, DC. The lender selected Dallas because the city serves as a major commercial centre, setting up the outpost to handle retail deposits, commercial lending, remittances across the globe, and specialised services for Non-Resident Indians. Chairman Challa Sreenivasulu Setty addressed the gathering at the inaugural event, pointing to the institution's strategic shift in the North American market. "The inauguration of SBIC Bank's Texas branch marks a significant milestone in SBI's international growth journey," Setty said. He stated that the geographic diversification aligns directly with broader economic objectives between the two countries. "Our expansion beyond California reflects our commitment to strengthen our presence in strategically important markets, serving the vibrant local communities, Indian diaspora, and supporting the banking needs of individuals and businesses," Setty noted. He added, "It further reinforces our role in deepening financial and economic ties between India and the United States." The lender's broader international footprint comprises 245 overseas points of presence spread across 29 countries, encompassing branches, sub-offices, representative units, subsidiaries, and joint ventures. SBI also maintains correspondent banking arrangements with 222 financial institutions across 56 nations to support cross-border trade settlements and payment transfers. Digital operations continue through SBI's YONO Global application, which operates across 14 overseas offices and subsidiaries. For the quarter ended September 30, 2026, foreign advances rose 22.86 per cent year-on-year to Rs 8,31,332 crore, while deposit mobilisation at overseas branches registered a 22.61 per cent increase to reach Rs 2,83,319 crore. (ANI)
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