STATE Bank of India (SBI) plans to scale up its presence in Singapore with 16 places of business - branches and offsite ATMs - by June next year.

SBI chairman O.P. Bhatt formally inaugurated its sixth branch in Toa Payoh on Oct13. A few days later, on Oct22, the bank opened its Clementi branch.

Said MrBhatt during his visit to Singapore: "The bank has started offering a suite of retail products, including home loans at attractive interest rates. The response has been warm and we have a long-term perspective to add value to the Singapore market."

SBI has also joined the local ATM-5 network to provide access to 118 ATMs across Singapore.

The bank, which has more than 130 foreign offices, plans to open 40 new offices globally in the next year. It expects the contribution from its overseas business' net profit to grow significantly.

Also, overseas branches are targeting to generate at least 25 per cent of their business from non-Indian clientele, the SBI chairman said.

India's largest bank by assets, network and profits, SBI was granted the Qualifying Full Bank licence by the Monetary Authority of Singapore last year, the sixth foreign bank in Singapore to be given the privilege.