State Bank of India celebrated 150 years of its operations in Sri Lanka on 13 September 2014. SBI Colombo is operational since 1864. It was earlier a branch of Bank of Hindustan, which was taken over by Bank of Madras in 1867.
SBI Managing Director Krishna Kumar reaffirmed the bank’s commitment to partner in Sri Lanka’s efforts in developing its economy.
India has committed large resources for the progress of Sri Lanka. Indian assistance to Sri Lanka is in tune of 1.6 billion US dollars and one fourth of this is in form of direct grant assistance while the rest is soft long-term loans for development projects.
The branch was mainly opened to handle the business of export of coffee and the Government business. The branch is the oldest bank in the country.
In 1921, Bank of Madras was merged with the Imperial Bank of India. Subsequently in 1955, Imperial Bank of India became State Bank of India.