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• W3125778867 abstract "State Bank of India (SBI), India's largest bank, also had an international presence with 158 offices across 32 countries contributing about 16% of its revenue. By March 2011, SBI had become the largest bank in India with a distribution network totaling 13,542 branches and 20,084 ATMs and having assets worth R12,000 bn. Since mid-2006, under OP Bhatt, SBI had adopted an aggressive strategy to raise its market share to compete against the private banks in India. Though, by 2011, SBI had re-established its position as India's largest bank, there was a drop in profits and its leadership position in India was once again threatened. The challenge before Pratip Chaudhuri, who took up the reins of SBI in April 2011, was how to stem the rot and maintain its market leader position.One critical factor to look out for is ivhether the bank again loses momentum and goes back to its sloiv legacy banking-that u'ill be quite negative.1- Saikiran Pulavarthi, An Analyst at Espirito Santo Securities Ltd.2,January 2012In November 2011, HDFC Bank Ltd.3 dethroned State Bank of India (SBI) in terms of 1 market capitalization. HDFC Bank's market cap was ?41.1 tn-almost a percent JL. higher than SBI's ?1.09 tn.5 Earlier in October 2011, Moody's Investors Service had cut down SBI's financial strength rating from 'C-' to 'D+' as the bank's bad loans had been rising continuously, lowering in turn its core capital. Following the downgrading, SBI's shares were traded 5.35% lower on the Bombay Stock Exchange (BSE). Since Pratip Chaudhuri (Chaudhuri) took up the reins of SBI in April 2011, there had been an erosion in SBI's market capital and investors' wealth.Chaudhuri took over as chairman of SBI from his illustrious predecessor, Om Prakash Bhatt (Bhatt). Chaudhuri assumed charge of the bank at a time when its profits had peaked to ?110.34 bn6 (as of March 2010). Back in 2006, when Bhatt became the chairman of SBI, the bank had been losing market share to private and foreign banks in India for over two decades. SBI, under Bhatt's leadership, adopted aggressive strategies from mid-2006 to raise its market share and compete against the private banks. Bhatt transformed the organization from an old hierarchical government bank into a modern, customer-focused bank. By 2011, SBI had doubled its deposits and profits and had regained and re-established its position as India's largest bank.The foremost challenge Chaudhuri faced was to sustain the profits and stay ahead of the competition (Refer Table 1 for the comparative financials of the top banks in India). Industry observers were keenly watching Chaudhuri's moves regarding issues like special loan rates on mortgages, amalgamation of associate banks, Non-Performing Assets (NPA) provision requirements, etc. However, on May 17, 2011, Chaudhuri announced at an earnings conference that there had been a drop in the bank's profits. While Chaudhuri reasoned that the revision of interest rates and the provisions made for the NPAs was the main cause for the drop in profits, the announcement took analysts by surprise. While the bank's position in early 2012 was not as bad as it was in 2006, Chaudhuri adopted a conservative approach in handling the bank, had a certain set of challenges to face, and needed to steer the bank out of trouble. But some analysts were doubtful whether SBI would be able to remain in the position of a market leader under Chaudhuri.The Indian Banking ScenarioIn the pre-structural reform period of the Indian economy, till the 1990s, the banking sector was dominated by public sector banks occupying three-fourths of the total banking industry. Catering to the needs of planned development in a mixed economy framework and huge development expenditures, the public sector banks were weighed down with huge NPAs, falling revenues, lack of modern technology and a massive and highly unionized workforce.Financial sector reforms, dictated by the World Bank-IMF and set in motion in 1991, transformed the Indian banking industry from a regulated environment to a deregulated market economy7 (Refer Exhibit 1 for summary of financial sector reforms). …" @default.
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• W3125778867 title "Changing Face of State Bank of India: Strategic Priorities in Maintaining Market Leadership" @default.
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