State Bank of India is the nation’s leading commercial bank with the maximum number of customers. Serving over 450 million customers and claiming virtually 1/4th of the market share for deposits and advances, India’s largest depository financial institution heads to Victoria, Australia.
Victoria is already the hub for several Indian businesses including HCL, Infosys, TCS, Tech Mahindra, Wipro, Zomato, Zoonga and others. And with SBI’s entry, the nation’s bond with Victoria only deepens. The financial sector in Victoria is one of the primary sources of employment and income generation.
SBI Managing Director Dinesh Kumar Khara was thrilled at the establishment of the bank in the vibrant city of Melbourne. The presence of the bank in the business-centric city will help establish an unprecedented relationship and will be an enormous economic booster, especially for India.
The State of Victoria hires over one lakh candidates annually and generates over 40 billion Australian dollars every year.Steve Dimopoulos, Parliamentary Secretary to the Treasurer and a Labour Party member of the Victorian Legislative Assembly extended a warm welcome during the opening of the bank’s first branch in Australia. He is delighted by the fact that SBI is India’s first Indian bank to establish its operations in the State of Victoria.The grand inauguration was set to mark the bank’s first ever establishment on Australian soil.
This first-of-its-kind establishment is inspired by the breath-taking success of the two-way merchandise trade between India and Victoria. The year 2018 alone saw a net worth of $1.76 billion in merchandise trade. State Bank of India’s first setup in Victoria will power the trade and investment relationships between the two nations, strengthening the bond further.
SBI’s Melbourne office is entrusted with the responsibility of overlooking the trade and investment relations between the two nations. It is expected to run its operations with the exclusive need to assist the growing trade and investment activities with the mission to achieve future shared goals and expand the business.
The 10-year Indian strategy will benefit immensely from the bank, concentrating its activities on education, health, sports and technology. The strategy is attracting investments from India in the technology sector with a couple of Southern States of India joining the movement.
The fact that Australia’s global banks, ANZ and NAB are headquartered in Melbourne gives the financial sector in Victoria a competitive edge over others.The Commonwealth Bank of Australia also has significant operations in Melbourne and will benefit the State Bank of India located in the region.
Melbourne has a vibrant and thriving atmosphere with robust financial services. The highly skilled workforce brings diverse tools and techniques into the financial sector and,the launch of the State Bank of India for the first time is the feather in the cap for the financial domain in Australia.
Both the Governments and its representatives are looking forward to long-lasting relationships that also strengthen trade relations between the two nations.This will set the platform to explore lucrative opportunities for future expansion plans and build a model to derive maximum returns.