“Projected to exceed $130 billion by 2014, GCC – India bilateral trade is set to grow exponentially in the upcoming years. India is currently in talks with members of the GCC to conclude a free trade agreement that will facilitate the increase in trade,” Hemant Contractor said, while highlighting the surge in trade between the GCC countries and India.
“To align ourselves with this projected growth, State Bank of India has undertaken a rapid expansion plan for the Middle East. Last year in the GCC, we opened three additional branches – a retail branch in Jeddah, a wholesale branch in Doha and a second retail branch in Riffa Bahrain. This brought our total number of branches to seven,” he said.
“The overwhelming response received from this fast growing market encourages us to constantly evolve and raise standards to meet its increasing demands. The Bahrain unit has been instrumental in securing a firm position for the bank in the GCC market and effectively bridging the gap with its NRI customers in the region. Our efforts will now be focused on making SBI the preferred local bank for all Bahraini residents by introducing innovative products and services, attracting vibrant local talent into our workforce and increasing our presence through additional branches across the country,” he added.
State Bank of India (SBI), India’s largest commercial Bank in terms of profits, assets, deposits, branches and employees, celebrated its fifth year anniversary in the Kingdom of Bahrain with a gala dinner at the Sofitel Bahrain Zallaq Thalassa Sea & Spa Hotel.
VIP guests from Bahrain’s Banking and finance industry and senior government officials were greeted by Hemant Contractor, Managing Director and Group Executive (International Banking) of State Bank of India who is currently on a two-day visit to the Kingdom. VIP guests included Mohan Kumar, the Indian Ambassador to Bahrain and others.
Sanjeev Nautiyal, Regional Head and Chief Executive Officer for Middle East, West Asia and North Africa and Mohan Ganeshan Chief Executive Officer (Retail Banking) were also present at the event with senior members from SBI’s Bahrain team.
“Our association with Bahrain dates back to the seventies. Serving as a Regional centre for MENA region, the Bahraini office recently moved into a new space in the GB Corp building at the prestigious Bahrain Financial Harbor. Bahrain plays a critical role in our future regional growth plans,” Taking about SBI’s longstanding association with the Kingdom, Sanjeev Nautiyal, said.