London Stock Exchange Group welcomes State Bank of India celebrating its Centenary in the UK and the Silver Jubilee of its London listing
State Bank of India (SBI) is one of the leading banks in the world and a Fortune 500 company. With a heritage of over 200-years, it is the largest commercial bank in India. The Government of India is its largest shareholder with over 56% stake.
Mr Dinesh Khara, the Chairman of State Bank of India is delighted to open the historic London Stock Market today as part of the Centenary celebration of State Bank of India in the UK and of the 25th year since its listing on London Stock Exchange.
Indeed, it has been a historical journey of State Bank of India in the UK, which started in January 1921 when the London Branch of Imperial Bank of India was opened to provide banking services to the Indian diaspora, British society, corporates, and small businesses alike.
Over the years, SBI’s operations in the UK have gone from strength-to-strength and it has grown to become the largest Indian bank in UK. Its UK operations are the largest international operation and offers wholesale banking and retail products.
SBI’s London branch offers a wide range of wholesale and corporate services including Syndicated Loans, Bilateral Loans, Trade Finance, Supply Chain Finance, Beneficiary Lending, etc.
It has also entered the area of Merchant Banking in 2021 to handle debt issuance of corporates.
In April of 2018, State Bank of India ringfenced its UK retail franchise with a capital commitment of £225m to form State Bank of India (UK) Limited (SBI UK). It has 11 branches across the UK – reinforcing the commitment of the bank to its UK-based customers. SBI UK offers full range of retail products and services including – Commercial Lending, Buy to let Mortgages, Remittance, Safe Deposit Lockers, and various deposit products including Instant Access Savings Account, Flexi ISA, Cash ISA, Business Account etc.
As part of the bank’s plans to expand its digital offering in the UK, SBI UK launched its digital banking app YONO SBI UK in 2019. YONO SBI UK aims to provide customers easy-to- use mobile app for their banking needs including opening of on-line account. The app also enables customers to view their SBI India accounts also.
As a nation with a rich, historical relationship with Britain, linked by language and culture, SBI looks forward to finding tremendous opportunities for shared prosperity. Having proudly served the UK community for 100 years, SBI UK remains committed to its corporate, business and individual customers and looks forward to the next hundred years of stewarding financial security and prosperity for its clients in the UK.