State Bank of India (California)'s History
State Bank of India (California) is a full-service financial institution, offering an extensive portfolio of lending solutions as well as comprehensive consumer, business, and international services. The Bank was established in 1982 as a California State Chartered Bank under the Department of Financial Institutions in Los Angeles, California. At present, we have a total of seven branches throughout California with our headquarters located in Downtown Los Angeles.
The first office was setup in Los Angeles and three more branches were opened subsequently – Artesia in 1988, San Jose in 1997, and Fresno in 2004. In 2003, a money transfer office was set up in Canoga Park, which thereafter was converted to a full-service branch and relocated to Woodland Hills. Through our branch and online network, SBIC has a strong presence and specialization in specific business sectors and expanded strategic markets.
SBIC is dedicated to servicing our customers throughout California.
SBIC is a 100 percent wholly owned subsidiary of State Bank of India, one of the largest banks in the world and a Fortune 500 company, with controlling ownership by the government of India.
State Bank of India's History
State Bank of India (SBI), with a 200-year history, is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. The government of India is the single largest shareholder of this Fortune 500 entity.
The origins of State Bank of India date back to 1806 when the Bank of Calcutta (later called the Bank of Bengal) was established. In 1921, the Bank of Bengal and two other banks (Bank of Madras and Bank of Bombay) were amalgamated to form the Imperial Bank of India. In 1955, the Reserve Bank of India acquired the controlling interests of the Imperial Bank of India and SBI was created by an act of Parliament to succeed the Imperial Bank of India.
The SBI group consists of SBI as well as other associate banks. The group has an extensive network, with more than 20,000 plus branches in India and another 190 offices in 36 countries across the world.
SBI's non-banking subsidiaries/joint ventures are market leaders in their respective areas and provide wide ranging services, which include life insurance, merchant banking, mutual funds, credit cards, factoring services, security trading and primary dealership, making the SBI group a truly large financial supermarket and India's financial icon. SBI has arrangements with over 1,500 various international/local banks to exchange financial messages through SWIFT in all business centers of the world to facilitate trade related banking business, reinforced by dedicated and highly skilled teams of professionals.