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State Bank of India (SBI) is an Indian multinational, public sector banking and financial services company. It is the largest commercial bank in India in terms of Assets, Deposits, Branches, Banking outlets, ATMs, Customers and Employees. It is a government owned corporation with its headquarters in Mumbai, Maharashtra. As on 31 March 2018, Government of India held around 58.03% equity shares in SBI.

The roots of the State Bank of India lie in the first decade of the 19th century, when the Bank of Bengal was established in 1806. The Bank of Bengal was one of three Presidency banks, the other two being the Bank of Bombay and the Bank of Madras. The Presidency banks amalgamated in 1921 into Imperial Bank of India. Pursuant to the provisions of the State Bank of India Act of 1955, the Reserve Bank of India, which is India's central bank, acquired a controlling interest in the Imperial Bank of India. SBI was created by an act of Parliament to succeed the Imperial Bank of India. In 2008, the Government of India acquired the Reserve Bank of India's stake in SBI to remove any conflict of interest because the RBI is the country's banking regulatory authority.

On 1st April, 2017, SBI merged its five Associate Banks (State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore) and Bharatiya Mahila Bank(BMB) with itself. This is the first ever large scale consolidation in the Indian Banking Industry. With the merger, State Bank of India entered the league of top 100 global banks with a balance sheet size of USD 535.04 billion, Deposits of USD 400.90 billion, 264,000 employees, 424 million customers, and more than 22,400 branches and 59,500 ATMs. It has more than USD33 billion as capital and reserves. After merger, SBI commands a market share of more than 22 percent of the Indian banking market. It is ranked 216th on the Fortune Global 500 list of the world's biggest corporations as of 2018.

SBI's non-banking subsidiaries/joint ventures are market leader in their respective areas in India and provide wide ranging services, which include life insurance, merchant banking, mutual funds, credit cards, factoring services, general insurance, security trading, pension funds, payment solutions, custodial services, making the SBI group a truly large financial supermarket and India's financial icon. SBI has arrangement with over 1500 various international/local banks to exchange financial messages through SWIFT in all business centers of the world to facilitate trade related banking business, reinforced by dedicated and highly skilled team of professionals.

It is leader in digital banking with highest number of internet banking and mobile banking customers. SBI has global presence with 198 offices across 35 countries covering America, Europe, Africa, Australia and Asia.

SBI puts customers and clients at the center of everything it does and by continuing to do this, it will always remain the “Smart Bank” to partner with. For more information about SBI Group, please visit the website www.sbi.co.in or www.bank.sbi.
About US Operations
 
SBI US operations has started in 1970s as a Foreign Office for State Bank of India[SBI] which is the largest Commercial Bank of India. SBI US Operations is rendering service to US for the last 40+ years and operates from New York and Chicago branches. The Bank offers variety of products and services to its customers. These encompass retail, corporate, trade, treasury and remittance needs of our clients in US.

The US Operations team is headed by Country Head who is supported by CEOs of branches and a team of senior management with oversight functions of credit management, risk management, legislative compliance, operations, financial control, audit, IT, HR, business development and deposits.

SBI US Operations operates through its two Branches, one Agency and one Representative office.
Branch offices: New York & Chicago. Both branches are FDIC insured.
Representative offices: Washington DC
Agency office: Los Angeles
 
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