SBI launches UK subsidiary with £225 m

London, April 10

The SBI has announced the launch of its UK subsidiary, SBI (UK) Limited, with an initial capital commitment of £225 million from its parent entity.

India’s largest state-owned bank, which celebrated the new subsidiary with a special event in London on Monday, becomes the first foreign bank in the UK to ringfence its retail division from its wholesale business.

SBI said the ringfencing and subsidiarisation of the retail franchise SBI UK, the bank’s largest overseas operation, offers UK customers “stability and reassurance” amid 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. — PTI