Mumbai: While launching its bicentenary celebrations tomorrow, State Bank of India (SBI) is expected to present its global expansion plans. Present at the celebrations, commencing from tomorrow, will be prime minister Manmohan Singh and finance minister P Chidambaram.

The bank plans to enhance the contribution of its overseas operations to its profits (2004-05: Rs4,304 crore) from 5 per cent to 25 per cent within three years. This is in keeping with its aim to be present in every continent, as enunciated in its vision document, 'operation vijay' (operation victory), which outlines plans to increase its global footprint.

Currently, SBI ranks 82nd among global banks on the basis of its assets.

The bank intends to open one overseas branch every month — it currently has 67 — in countries as diverse as London, Canada, Angola and Bangladesh. The bank also $1-billion foreign acquisition plans

In February this year, SBI acquired a 51 per cent stake in the Indian Ocean International Bank Ltd — its first, overseas acquisition. It is now looking at acquiring one bank each in Asia and Africa. The expansion would also boost SBI's overseas assets base of $12 billion, or six per cent of its total assets.

Since nationalisation in 1955, the bank has metamorphosed from the 219-branch Imperial Bank of India to the 14,000 branch-State Bank of India. It's deposits and advances of Rs210 crore Rs117 crore respectively in 1955 had grown in 2005 to Rs3,56,643 crore and Rs2,09,742 crore respectively.