State Bank of India chairman A K Purwar said on Tuesday the bank will complete acquisition of Giro Commercial Bank of Kenya and PT Bank Indo Monex of Indonesia in two months.
"We will acquire these two bank in two months time," he told reporters on the sidelines of a SBI function in New Delhi.
An SBI official said the bank would initially acquire 55-60 per cent stake each in these two banks and would gradually increase its holding.
The official said RBI has given in principle approval, after which due diligence process of these two banks was carried out.
While central bank of Kenya has given its nod for the acquisition, approval from Indonesia's regulator is awaited.
On
the recent crash of stock market, Purwar refused to specify the quantum of purchaes that SBI made but said it was a good buying opportunity.
He said purchases were made by dealers on behalf of the bank.
Purwar said the fundamentals of the Indian economy are strong and there is huge credit growth in retail, corporate sector and SMEs.
On the falling Rupee, he said the value of the Indian currency is determined by the market and SBI is carrying out its usual operations in the forex market.
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