A new banking option has arrived in Frisco: SBIC Bank opened its first branch outside California at 10402 Coit Road, Suite 400, marking a notable expansion for the California-chartered institution tied to India’s largest lender. The branch opened on Saturday, Nov. 7, bringing the bank’s total U.S. branch network to eight locations.
SBIC Bank operates as a brand name for State Bank of India (California), a California state-chartered bank and member of the FDIC, according to SBIC Bank. The bank originated in Los Angeles, and until the Frisco opening, all of its branches were located within California. As reported by Community Impact, the Frisco location represents the bank’s first step beyond its home state, giving North Texas residents and business owners access to a institution with deep ties to the Indian banking sector.
The Frisco branch was inaugurated by SBI Chairman Challa Sreenivasulu Setty, according to The Hindu BusinessLine. The outlet reported the branch is set to offer a suite of personal and business banking solutions, including retail deposits, commercial lending, remittances to India and across the globe, along with specialized services for non-resident Indians.
What Services the New Branch Will Offer
Community Impact’s reporting lists checking and savings accounts, loans, certificates of deposit, commercial lending, online banking and international money transfers among the services tied to SBIC Bank. Those offerings line up with what the bank’s broader lineup provides, giving Frisco-area customers, including the region’s sizable NRI community, a local option for both everyday banking and cross-border transactions…