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REQUEST FOR PROPOSAL – APPOINTMENT OF EXTERNAL QUALITY ASSESSMENT REVIEWER

We, State Bank of India (SBI), Antwerp Branch, invite proposals from reputable Audit Firms operating in Belgium for conducting an External Quality Assessment Review (EQA) of the internal audit function in place at our Antwerp Branch. 1. Proposal Requirements The proposal should necessarily include the following information. Brief Profile of the Audit Firm’s Operations – Globally and in Belgium Include details of the firm’s experience as the Internal Auditor and EQA Reviewer of internal audit function of commercial banks / Financial Institutions, especially Foreign Banking Organizations (FBOs) in Belgium. i. Profile of Proposed Team Members Provide comprehensive profiles of team members, including names, designations, areas of specialization, professional qualifications, and experience in Quality Assurance Improvement Program / EQA. At least one team member should be Certified Internal Auditor, with active membership from IIA, and with a minimum of five years’ experience in providing Quality Assurance Services. ii. Review Methodology Present the proposed review methodology, emphasizing the approach to review Internal Audit framework, processes, documentation, stakeholder engagement, and value delivery. iii. Deliverables Outline the deliverables, including details on the Executive Summary, Scope, Findings, Recommendations, and Overall Conclusion, conforming compliance with the Global Internal Audit Standards (GIAS) formulated by the Institute of Internal Auditors, and any other area as required. iv. Sample Report Provide a sample report with standard sections such as Executive Summary, Scope, Findings, Recommendations, and Overall Conclusion, conforming compliance with the GIAS formulated by the Institute of Internal Auditors. v. Terms of Contract Indicate any terms or conditions for undertaking the engagement as an EQA Reviewer. vi. Indicative Financial Quote and Audit Hours Provide an indicative Financial Quote in Euro. 2. Professional Standards The EQA is to be performed in accordance with the GIAS formulated by the IIA, as required by the local regulatory guidelines (Article 1, §1, a) read in conjunction with article 10, h) of the Regulation of 19 May 2015. 3. Reporting Requirements All reports must be submitted in English and should adhere to standard auditing conventions. The reports should include sections such as Executive Summary, Scope, Findings, Recommendations, and Overall Conclusion, conforming compliance with the GIAS formulated by the IIA, and any other area as required. 4. Indicative Timelines Provide an indicative timeline including clear start and end dates, audit hours, with defined milestones (e.g., fieldwork, reporting). 5. Evaluation Process Proposals will undergo technical evaluation by the IAD, State Bank of India, Hyderabad. Shortlisted firms will be invited to present their proposal to the Selection Committee. 6. Submission of Final Financial Quote Shortlisted firms will be required to submit the final financial quote in a sealed envelope to the Procurement Committee at the Antwerp Branch. Applicable taxes should be mentioned separately. Incidental expenses will be capped at 5% of the original fee. 7. Selection Process The selection of the firm will be based on a combined score before the Selection Committee, and the financial bid. The firm with the highest score will be appointed. 8. Terms of Contract The selected firm will be required to give signed declarations on independence, confidentiality, and data protection. 9. Disclaimers and Reservations Submission of any proposal does not create any obligation on SBI to accept or proceed with any further discussions. SBI reserves the right to terminate, suspend, or withdraw from the proposal process at any stage, without notice and without assigning any reason or incurring any liability to the proposing party. Submission of a proposal implies acceptance of this condition, and no claim, entitlement, or expectation of a contractual relationship arises against SBI as a result.

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About SBI Antwerp

With a legacy of over 200 years, State Bank of India (SBI) traces its ancestry to Bank of Calcutta founded in 1806 and is the oldest commercial bank in the Indian subcontinent. SBI is an Indian multinational, public sector banking and financial services statutory body, fostering to the nation’s 3.5 trillion-dollar economy and serving the hopes of its vast population.


For SBI, the interests of common man have always remained at the core of its business. With a customer-centric approach, the Bank has designed products and services to meet the expectations of the financial life cycle of its valued clientele. Keeping pace with the transforming landscape of the Indian economy. SBI has broadened its digital base in the recent years. The Bank plays a fundamental role in making the Government of India’s Digital India initiative a reality.


Headquartered in Mumbai, SBI provides a wide range of products and services to individuals, commercial enterprises, large corporates, public bodies, and institutional customers through its various branches and outlets, joint ventures, subsidiaries, and associate companies. It has always been in the forefront to embrace changes without losing sight of its values such as Transparency, Sustainability, Social Responsibility, and Customer Service.


It is the largest commercial bank in India in terms of Assets, Deposits, Branches, Customers and Employees. As on 31 March 2024, Government of India held around 57.50 % equity shares in SBI. The shareholding of Domestic Institutional Investors and FII/FPI are at 24.00 % and 11.1% respectively.

SBI is the largest bank in India in terms of Deposits, Advances, Customers and Banking Outlets. It has a customer base of 500 million. It has more than 22542 branches and 63580 Pan-India ATMS, CDMs and Recyclers. It commands a market share of 22.38% in Deposits and 19.06% in Advances.


As on 31st March 20204, its balance sheet size is USD 740 billion, Deposits of USD 589.4 billion and Loan book of USD 451.7 billion. Its Capital, Reserves & Surplus is around USD 30.66 billion. The Net Profit at USD 7.3 Billion is highest in the history of SBI. The Bank is well capitalized with Capital Adequacy Ratio (CAR) of 14.28 % with CET-1 of 10.36 % and Tier 1 capital of 11.93 %. The Net NPA ratio at 2.24 % is one of the best in Indian Banking industry.


SBI’s non-banking subsidiaries/joint ventures are market leaders in their respective areas and provide wide ranging services, which include life insurance, merchant banking, mutual funds, credit cards, factoring services, general insurance, security trading, pension funds, payment solutions, custodial services, making the SBI group a truly large financial supermarket and India’s financial icon. It is leader in digital banking with highest number of internet banking and mobile banking customers in India.


YONO is SBI brand digital platform. The digital platform has a customer base almost equal to the population of Australia. SBI is market leader across all digital channels, with a share of 25.04% in Debit Card spends, 13.43% in POS terminals and 26.81% in Mobile banking transactions. More than 90 % of Bank’s total transactions are through Alternate Channels.


SBI has global presence with 241 overseas offices spread  over 29 countries and across all time zones. It has arrangement with over 1500 various international/local banks to exchange financial messages through SWIFT in all business centres of the world to facilitate trade related banking business, reinforced by dedicated and highly skilled team of professionals.
SBI has over the years garnered numerous awards and accolades. In 2019, SBI was rated as Best Transaction Bank in India by “The Asian Banker”, “The Best Trade Finance Bank (India) for the eighth consecutive year by Global Finance Magazine, “Best MSME Bank Award-Large Bank by CIMSME. The digital initiative “YONO” won the “Mobile Banking Initiative of  the Year – India at the Asian Banking and Finance Retail Banking Awards, Singapore. 

SBI group is presently headed by Mr. C S Shetty.

State Bank of India, Antwerp was opened on the 15th July 1983. The branch started meeting the growing trade between the BENELUX countries and India, with emphasis on the growing Belgo Indian diamond trade. Today, we have an active trade desk financing a variety of exports from EU countries. We offer quick and reliable remittance facilities to India and other countries at competitive rates. We actively participate in global syndications and facilitate acquisition and mergers of companies in EU region besides meeting the India related business needs of European companies. A team of committed and motivated staff offer a variety of services and financial products at competitive pricing.
 

Mr. Daya Nidhi  is presently the Chief Executive Officer of SBI Antwerp operations.