Public sector prime banking institution The State Bank of India (SBI) opened its sixth branch in Singapore, extending its services in the country's heartland. The new branch has come up in Ang Mo Kio area, which is popular for its housing estates.
The SBI already operates branches in housing estates Marine Parade and the industrial estate of Jurong. It has two branches in Little India precinct as well as one in the central business district.
"About 80 percent of our customers are Chinese and the rest are high net worth Indians," said SBI country-head Soma Sankara Prasad after opening the Ang Mo Kio branch to a roaring lion dance, a Chinese tradition.
The SBI offers the highest interest rates on deposits among other banks here, handles wealth management, insurance, and rupee remittances among a wide range of services, he said. The new branch underlines the SBI's growing banking business in Singapore, he said.