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SBI celebrated 150 years of its operations in Sri Lanka

Sep 13, 2014 18:09 IST

State Bank of India (SBI) on 13 September 2014 celebrated 150 years of its operations in Sri Lanka.

SBI Managing Director Krishna Kumar reaffirmed the bank's commitment to partner in Sri Lanka’s efforts in developing its economy.

India has committed large resources for the progress of Sri Lanka. Indian assistance to Sri Lanka is in tune of 1.6 billion US dollars and one fourth of this is in form of direct grant assistance while the rest is soft long-term loans for development projects.

About State Bank of India, Colombo

State Bank of India, Colombo is operational since 1864. It was earlier a branch of Bank of Hindustan, which was taken over by Bank of Madras in 1867. In 1921, Bank of Madras was merged with the Imperial Bank of India. Subsequently in 1955, Imperial Bank of India became State Bank of India.

The branch was mainly opened to handle the business of export of coffee and the Government business. The branch is the oldest bank in the country.  

The branch is located in a heritage building in the Fort area of Colombo, which is the financial hub of Sri Lanka.

The branch is fully equipped with modern technology and with modern communication facilities such as SWIFT etc. All the Branches are networked with each other.

It's catering mainly to the Corporate and Retail clients and the product range from all types of deposit accounts, financing working capital, term loans, vehicle loans, housing loans and trade finance.

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