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SBI to lend more to SA businesses

The State Bank of India plans to lend R6 billion to businesses in South Africa over the next two years, growing its loan book to about R10 billion. There is an appetite for lending to businesses in South Africa and the State Bank of India is confident of their growth. The bank has eight offices across South Africa and a loan book of about R4bn. Its lending in South Africa is largely targeted at the corporate sector. The bank’s MD and group executive (International Banking) A. Krishnakumar said the time is ripe for the bank’s South African operations to grow. The South African economy is bound to grow and there is a lot of scope and potential, he added. In South Africa there has been talk of a need for a state-owned bank due to the reluctance of commercial banks to offer secured and cheap credit to people without title deeds. Postbank, which is applying for a banking licence to operate as a fully fledged bank, has been touted as a solution to this problem.

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