WORLD State Bank of India to close Botswana operation by June

WORLD

State Bank of India to close Botswana operation by June

People's Daily app

21:58, April 02, 2021

GABORONE, April 2 (Xinhua) -- Bank SBI Botswana Limited, a 100 percent subsidiary of State Bank of India, is expected to stop its operations in Botswana by June 30, 2021, Botswana's central bank announced Thursday.

"Bank SBI Botswana Limited will surrender, effective June. 30, 2021, its banking license to transact banking business in the domestic market (of Botswana)," Bank of Botswana (BoB) said in a statement.

(Photo: agencies)

According to BoB, the public is advised to thereafter not transact banking business with any person purporting to represent and/or trade in the name of Bank SBI Botswana Limited.

In 2018, State Bank of India announced its intention of closing down nine branches over a period of five years but no reasons were given for the decision.

At the time, State Bank of India, the largest public sector lender in India, was operating in 36 countries with nearly 190 branches.


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