State Bank of India, which got a licence from Saudi Arabian Monetary Agency (SAMA) last year to open its full-fledged branch in the Kingdom, will soon operate its first branch in Jeddah.
SBI (Saudi Arabia) general manager J Parameshwarappa has inked building lease and the first branch will be located at Al-Andalus Plaza on Sitteen Street in Jeddah.
With this, the bank has taken an important step of identifying premises for its operation in the Kingdom and would start functioning from here once it is ready in all respects, Parameshwarappa told Arab News.
In recent years, the bank sought to expand its overseas operations by buying foreign banks, launching new products and services for foreigners and Indian diaspora as well as by opening new branches in different countries including the Gulf states.
The bank’s branch here will go a long way in meeting the requirements of businessmen in general and Indian expatriates in particular. The businessmen’s need in the rapidly growing trade relations between Saudi Arabia and India, and the bank’s Speed Remittance System are seen as its prime attraction.
The Indian community has welcomed the SBI branch in Jeddah.