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SBI to set up subsidiary in the UK

State Bank of India is undertaking a major restructuring of its UK operations. The bank said the business in the UK would be converted into a subsidiary – State Bank of India UK and this transformation would take effect from 1 April. The move is in conformity with the capital requirements for banks operating in the UK as specified by the Bank of England. All the retail branches of the bank in the UK will fall under the new entity and not under the Indian bank. According to Sanjiv Chadha, the bank’s regional head for UK, while there will be no operational changes, the bank will now be a new brand and the12 retail branches in London and other parts of the country will become branches of the new entity. All the customers will be able to make use of their existing debit cards and other banking facilities. The Bank of England had directed all foreign banks in the country to move their retail business to independent entities under the Prudential Regulation Authority (PRA).

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