About State Bank of India (California)
At State Bank of India (California) (SBIC), each one of us is committed to offering you only the best because we believe that your success is our success. Our range of highly personalized services is tailored to meet your needs. We are sure your experience with us will be a memorable one. We thrive on building long-term relationships with our clients, which is deeply rewarding to each one of us at SBIC. We give every individual the highest priority and constantly seek better ways to serve our customers.
Established in 1982, SBIC is a fully owned subsidiary of State Bank of India, one of the largest banks in the world and a Fortune 500 company, with controlling ownership by the government of India. Through the support of our clients, SBIC has grown steadily over the years and we expect to continue this trend in the coming years. We have nine branches located throughout California and one in Washington DC. We are ready to assist you today!
State Bank of India (SBI)
Parent Bank & History
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 61.58% ownership. SBI is ranked 60th in the list of Top 1,000 Banks in the world by "The Banker" in July 2012.
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 20,000 plus branches in India and another 173 offices in 34 countries across the world. As of March 31, 2012, the group had assets worth $359 billion, deposits of $278 billion and capital & reserves in excess of $20 billion. The group commands over 22% share of the domestic Indian banking market.
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 arrangements with over 1,500 various international/local banks 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.