Friday, October 7 2005 19:39 Hrs (IST) - World Time -

Mumbai: State Bank of India (SBI) today (Oct 7, 2005) said that it has executed documents for acquiring 76 per cent of the paid-up capital along with the management control of Kenya-based GIRO Commercial Bank, subject to regulatory approvals.

GIRO Commercial Bank Ltd is a closely held entity with promoters of Indian origin and the bank has six branches located in Nairobi, Mombassa and Kisumu, SBI said in a release here.

"With the proposed acquisition, SBI will increase its footfall in Africa where we are already present in four other countries," SBI Chairman A K Purwar said.

"I expect that this step would benefit not only the Indian resident community but also facilitate trade and investment besides providing a platform for us to participate into the growth and prosperity of a friendly country," he added.