State Bank of India acquires PT Bank IndoMonex, Indonesia

State Bank of India has acquired 76 per cent stake in an Indonesian bank, PT Bank IndoMonex. IndoMonex is a closely-held entity and has seven offices in Jakarta, Bandung and Surabaya. This is SBI's third overseas acquisition. The bank had acquired a 51-per cent stake in Indian Ocean International Bank in Mauritius in February for $8 million and a 76-per cent stake in a Kenyan bank, Giro Commercial Bank, for $7 million, in October.

Assets of the SBI's foreign branches increased from $6,276.20 million as on March 31, 2004 to $9,114.03 million as on March 31, 2005. The customer credit rose to $5,536.85 million at the end of March 2005 from $3,657.85 million during the previous year. Similarly, customer deposits increased to $3,257.24 million from $2,017.60 million from March 31, 2004.

As per reports, SBI is also going to bid for Rupali Bank of Bangladesh, for which it has already obtained permission from the RBI. It is in the process of acquiring two more banks with similar asset sizes ranging from $50 million to $200 million.

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