State Bank of India, the largest Indian bank in terms of assets, has opened three branches this week, bringing its total count in Andhra Pradesh, one of the 28 states in the country, to 1,260 branches.

The branches are located in the Visakhapatnam district, where it now has 24 outlets with a business volume of Rs1,650 crore and deposits of Rs1,000 crore. In Andhra Pradesh, SBI has a business volume of Rs1,30,000 crore. The Visakhapatnam branches will be listed as part of the Super Circle of Excellence, which was launched in June 2010 to help local banks face competition from private and multinational banks. 

The bank is also planning another branch in the Kohinoor district, also part of Andhra Pradesh, in January 2012 to cater to high net worth individuals. This will be the second branch under the State Bank of India that targets HNW individuals after Hyderabad. As a prelude to this opening, a Kohinoor club will be set up to attract potential clients. 

In a statement released in October, the bank said that it is looking to tap the HNW individuals market by setting higher deposit targets at its branches. Regional officers have also been told to ensure Rs10 crore in deposits and enrolment of at least 120 HNW individuals as new customers annually per branch.

In addition to a local presence, SBI is also planning to open as many as 100 new branches abroad over the next two years, half of which will launch before the end of the current year. To date, SBI has 165 branches in various countries. On the local front, the bank said it is set to open 750 new offices over the same period.