SBI Plans 5 New Branches in London by June

MUMBAI -- State Bank of India, the country's largest lender by assets, plans to open five new branches in the U.K., its chairman said Thursday.

"We have seven branches in UK and will open another branch, hopefully by next month and by June (next year) we will open four more," O.P. Bhatt said in a speech.

Mr. Bhatt said his bank's current business in the U.K. is more than $3 billion.

He said the bank plans to open around 40 new international branches over the next year in Canada, the U.S., the Maldives, Sri Lanka, Hong Kong and other countries.

The contribution from international business to the bank's total profits would be more than 10% in this fiscal year through March, up from 8% last year, Mr. Bhatt added.