SBT to open 1,000 branches

State Bank of Travancore, an associate of India's largest public sector bank State Bank Group, which opened a representative office in Dubai recently, is planning to increase its branch network to 1,000 in India and net profit of Rs10 billion (Dh0.81bn) by 2010, according to a top official.

The bank is also structuring specialised investment and deposit products aimed at the non-resident Indians in the Gulf, said SBT Managing Director M Ramaswamy, who was in Dubai to open the bank's first representative office.

The representative office will provide contacts with the bank's customers, correspondent banks, corporate and Indian expatriates as well as promoting its services in the local markets.

Through the representative office, SBT will provide managerial service to City Exchange in the UAE and Global Money Exchange Company in Oman.

City Exchange has six branches in the UAE and is planning to open two more. "Customers will be provided with information regarding business opportunities in the local mrkets in the UAE and promote investments. The representative office will disseminate information in Dubai to entities that seek to do business in India," he said.

SBT currently has a network of 712 branches and 57 specialised branches.