State Bank of India (California), a wholly owned subsidiary of the country’s largest lender State Bank of India (SBI), has inaugurated its new branch in Frisco, Texas. With the opening of this branch, the subsidiary marks its first physical expansion outside of California. With this it now has branches in eight locations in America. The inauguration ceremony was presided over by CS Shetty, Chairman, SBI Group. Consul General of India in Houston DC Manjunath and Frisco Mayor Mark Hill were also present on this occasion.

That’s why I opened a branch

Located in the fast-growing North Dallas area, the new Frisco branch is designed to provide a full range of retail and business banking services. These include personal and business deposits, commercial loans and international remittances. These services are specifically designed for individuals, professionals, entrepreneurs and corporate entities in North Texas. Manjunath highlighted the branch’s role in strengthening India-US economic and trade ties as well as increasing financial connectivity for the rapidly growing Indian diaspora community in North Texas. Apart from the eight centers of its California-based subsidiary, SBI also has a strong physical presence in the US. The bank operates full-service branches in New York, Chicago and Los Angeles, as well as a representative office in Washington.

8 percent increase in one month

Shares of SBI have seen an increase of more than 8 percent in almost a month. If we look at the data, the bank’s shares rose by 1 percent on Friday to trade at Rs. It closed at 1,016. However, the bank’s shares rose by around 4 percent last week. After which the valuation of the bank became 9.38 lakh crore rupees. If experts are to be believed, SBI shares may see a rise in the coming days. Shares of SBI have seen an increase of more than 3 percent in the current year.