India's largest public sector lender, State Bank of India (SBI) envisages to establish an administrative office in UK by end of current fiscal.

The bank authorities stated in a communiqué that the new facility would act as a hub for the bank to control its European operations.

The sources informed that the bank wants to scale up presence in UK by opening 5 new offices in the coming one year, starting with one in November.

The sources further informed that SBI is already having seven branches in UK and plans to set up 40 new offices worldwide in the next one year.

At present, the bank is having 132 foreign offices including five subsidiaries. These are Indonesia (6 branches), Mauritius (12 branches), Nepal (32 branches), California (7 branches) and Canada (7 branches).

Other destinations, where the lender wants to open new offices include Middle East, Singapore, South Africa, Bangladesh, Saudi Arabia, USA, Sri Lanka, Nepal and Hong Kong.

As per media reports, the bank is searching options to open 11 new branches in Nepal in the coming one fiscal. With this Nepal will become the foreign country with highest number of SBI branches.