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Launch of the UK subsidiary of State of India, SBI (UK) Ltd, in London by the High Commissioner

High Commissioner Mr Y. K. Sinha launched the UK subsidiary of State of India, SBI (UK) ltd, in a special event at the Guildhall in London on April 9, 2018. SBI is India’s largest state-owned bank.

Set up with an initial capital commitment of £225 million from its parent entity, the new subsidiary becomes the first foreign bank in the UK to ringfence its retail division from its wholesale business.

Mr. Rajnish Kumar, Chairman, State Bank of India, Mr. B. Sriram, Managing Director, Mr. Siddhartha Sengupta, Deputy Managing Director, Mr. Mrityunjay Mahapatra, Deputy Managing Director, Mr. Peter Estlin (Alderman)-representing the Lord Mayor, Mr. Sanjiv Chadha, Regional Head for the UK, Mr. Sujit Kumar Varma and Mr. Sanjay Naik, Head of Retail Banking, State Bank of India were among the dignitaries present at the launch.

High Commissioner in his address congratulated the Bank for the beginning of promising innings in the banking sector in London. He said that London will continue to be an important financial centre for India and Indian Banks for a long time to come.

The launch of the SBI, UK Ltd. will provide yet another medium to access the Indian market and is yet another way of the world’s fastest growing large economy welcoming the UK’s robust financial sector.