Biz as usual in Canada, says SBI
The Indian government-run lender, which has been present in Canada since 1982, is considered a “local bank” by all stakeholders in the North American country, its chairman CS Setty said.
State Bank of India
MUMBAI: The State Bank of India (SBI) has not seen any impact in Canada despite the ongoing tensions between New Delhi and Ottawa, a top bank official has said.
The Indian government-run lender, which has been present in Canada since 1982, is considered a “local bank” by all stakeholders in the North American country, its chairman CS Setty said.
“We have not seen any change in approach either among the regulators or the customers, it is business as usual,” Setty said.
SBI operates eight branches through a wholly-owned subsidiary in Canada, including Toronto, Brampton, and Vancouver.
“I think we are considered as one of the local banks there - our engagement in business, banking business is with the local environment there,” he said.
India-Canada relationship has been frosty for over a year now, ever since the North American country accused India of plotting assassinations of its citizens and the relationship hit a new low last month with the expulsion of diplomats.
Meanwhile, Setty said the bank will focus on expanding its core interest income through efforts, including pushing yields on advances by having the right product mix.
It will also look to extract more from the same customer in its core income-expanding efforts, Setty said.
“I want to assure everyone that our efforts to increase the core income are multi-fold and we are working in all directions,” the chairman said.
Elaborating on the announcement on having dedicated accounts for women and senior citizens, Setty said such a move may involve some initiatives that will enhance their wellness.
