State Bank of India (SBI) buying property for housing staff in Singapore.
The State Bank of India (SBI), countries largest bank, is investing in accommodation-based property in Singapore, ensuring higher grade housing requirements of its expatriate staff.
The apartment purchases should help reduce rental costs by 20 to 25 per cent within the next three years, Anil Kishora, Chief Executive and Country Head of SBI Singapore was quoted as saying in a report by local daily ‘The Straits Times’.
“It will stabilise our cost base. In some sense, it would insulate us from any future increases in pricing, as we won’t be paying any rentals,” Kishora said, adding that buying property also helps to boost productivity.
According to the report, SBI would want to purchase at least 10 to 20 more units to house staff as it ramps up its local presence.
State Bank of India (SBI) had recently advertised for purchasing high grade apartments, ranging from 1,100 to 1,400 sq ft in size, near to main schools and rail-based transit system.
It provides housing accommodations to its expatriate staff, 41 of whom are non-resident Indians out of the 241 people employed here.
State Bank of India has a qualified full banking licence, which allows it to operate out of 25 business locations. It has seven branches and 21 ATMs, mainly catering to non-resident Indians and Indian tourists.