State Bank of India UK has launched a subsidiary, called State Bank of India UK, which will take care of the retail business of the bank. It will have an initial capital commitment of 225 million pounds from the parent bank. The bank constitutes the State Bank group’s largest overseas operations. It will be the first foreign banking entity in the UK to ringfence its retail division from its wholesale business. This measure offers the bank’s customers in the UK stability and reassurance amid continuing uncertainty around the UK’s decision to leave the European Union. The decision attracted a comment from the Lord Mayor of the City of London, Charles Bowman, who said the State Bank of India is a treasured partner of the City, having first opened an office in the Square Mile back in 1921. He said he is delighted the organization is expanding its operations in London.
