SBI to open branch in US

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MUMBAI, Dec 31 (PTI): State Bank of India, the country's largest lender, is readying to open its third branch in the US by the end of this fiscal to widen its overseas network.
The bank is understood to have received the first nod from New York State Banking Department and is likely to get approval from the US Federal Reserve Board early next year.
"We are waiting for the clearance soon and hope to open the third branch by March 2008," a senior SBI official told the news agency here.
SBI already has two full-fledged branches in the US - New York and Chicago - and a representative office in Washington.
The state-owned lender has a subsidiary in California - SBI California, which has six banks in US - Los Angeles, Artesia, San Jose, Fresno, Congoa Park and San Diego.