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Toronto: State Bank of India, India's largest bank, inaugurated new head office in Mississauga on April 26.

City of Mississauga mayor Bonnie Crombie joined hands with the State Bank of India Canada Board of Directors Chair and head of International Banking Group of State Bank of India, Siddhartha Sengupta, in inaugurating the new office. Crombie noted “we are both honored and proud that SBI Canada Bank will now be calling Mississauga their new home.”

She told over 50 guests – and they included Indian Consul-General Dinesh Bhatia, businessman Ray Sahi, real estate developer Steve Gupta, and a number of other high profile guests - as to how Miississauga has now become “home to 50,000 Indo-Canadians and another 150,000, who identify themselves as South Asians.

“We have over 86,000 businesses in Mississauga, several Fortune 500 companies as well as over 1400 multinationals.“

The State Bank was housed for 34 years in the Royal Bank of Canada building in downtown Toronto. “We have been in downtown Toronto for the last 34 years. It was not an easy decision to move. But having seen Mississauga, I am really heartened,” said Sengupta. “I truly believe that this move will herald a new era and a new business performance age for the bank.”

“We continuously strive to provide essential services and facilitate Indo-Canadians to allow them to meet their individual requirements. We have also touched a billion dollar on our balance sheet this month,” SBI Canada President Rajesh Gupta said.

He said the bank's clients will no longer have to wait for the customary 48 hours before their Indian account balance is credited with the remitted amount. The Bank will enable much faster remittances to customer accounts in India whereby clients will be able to remit money from SBI Canada and receive in their local Indian SBI account within a few minutes.

“We came to Canada because we felt we have a diaspora here to serve,” said Sengupta. “We will offer more contemporary products and services in time to come with the help of parent bank.”

(Ajit Jain can be contacted at ajit.jain0410@gmail.com)

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