State Bank of India (SBI), with a 200 year history, is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. The Government of India is the single largest shareholder of this Fortune 500 entity with 59.15% ownership. SBI is ranked 59th in the list of Top 1000 Banks in the world by "The Banker" in 2015.
The origins of State Bank of India date back to 1806 when the Bank of Calcutta (later called the Bank of Bengal) was established. In 1921, the Bank of Bengal and two other banks (Bank of Madras and Bank of Bombay) were amalgamated to form the Imperial Bank of India. In 1955, the Reserve Bank of India acquired the controlling interests of the Imperial Bank of India and SBI was created by an act of Parliament to succeed the Imperial Bank of India.
The SBI group, consists of SBI and five associate banks. The group has an extensive network, with over 20000 plus branches in India and another 191 offices in 36 countries. The SBI group has more than 54,000 ATMs, one of the largest ATM networks in the world. This network, along with correspondent banking relationship with 346 reputed international banks spread over 88 countries and 30 Exchange companies tie ups across all continents, goes into making SBI a bank with global outreach. As of 31st March 2012, the group had assets worth USD 359 billion, deposits of USD 278 billion and capital & reserves in excess of USD 20.88 billion. The group commands over 22% share of the domestic Indian banking market.
SBI has 5 Domestic Banking Subsidiaries, 8 Foreign Banking Subsidiaries, 11 Non-Banking Subsidiaries and 7 Joint Ventures. SBI’s non- banking subsidiaries/joint ventures are market leaders in their respective areas and provide wide ranging services, which include life insurance, merchant banking, mutual funds, credit cards, factoring services, security trading and primary dealership, making the SBI Group a truly large financial supermarket and India’s financial icon. SBI has 1,617 Relationship Management Application (RMA) arrangements with Society for Worldwide Interbank Financial Telecommunication (SWIFT) to exchange financial messages through SWIFT in all business centers of the world to facilitate trade related banking business, reinforced by dedicated and highly skilled teams of professionals. State Bank of India's dedicated and skilled team of professionals enables you to meet your business and personal needs by providing comprehensive international banking products, services and financial solutions, tailor-made to meet your overseas banking requirements.
State Bank of India, Chicago is one of the Foreign branches of India's largest commercial bank. State Bank of India, Chicago, whose area of operation is the Midwest states of America, has been functioning from LaSalle Street since 1976. State Bank of India, Chicago is an FDIC insured bank. Under Federal and State regulations, it is considered as a branch of a Foreign bank.
At State Bank of India, Chicago, DEPOSIT products (Retail and Corporate), REMITTANCE facilities, TRADE & INTERNATIONAL BANKING services, and COMMERCIAL CREDITS & LOANS are available.
Synergy of the SBI Group and its specialized subsidiaries make State Bank of India, Chicago the ideal partner for your India Related business.