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April 10, 2018

State Bank launches UK subsidiary SBI (UK) Ltd

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India's largest lender State Bank of India (SBI) has announced the launch of it's UK Subsidiary, SBI (UK) Limited, with an initial capital commitment of 225 million pounds. SBI UK is the largest Indian bank in the UK. With this SBI becomes the first foreign bank in the UK to ringfence its retail division from its wholesale business.

SBI said that the ringfencing and subsidiarisation of the retail franchise SBI UK, the bank's largest overseas operation, offers UK customers "stability and reassurance" amidst continuing uncertainty around the UK's decision to leave the European Union (EU).

"We are extremely proud of how far the bank has come from the first time it opened its doors to UK residents in 1921," said Sanjiv Chadha, Regional Head of SBI UK.

"The launch of our UK subsidiary shows our commitment to operate in the UK market. Many banks primarily see the UK as the gateway to Europe and are fazed by the impact of Brexit. Our calculus is different. We see London as the ideal launch pad for a global presence and have full faith that, despite Brexit, London will remain the premier international financial centre," he said.

Important Note : SBI operates 7 Branches in London and 5 each in Manchester, Birmingham, Wolverhampton, Leicester and Coventry - all cities with a large concentration of Indian diaspora population. 

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