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July 29, 2010updated 04 Apr 2017 1:10pm

State Bank of India targets UK growth

State Bank of India (SBI), Indias largest lender, is to grow its seven-branch-strong UK network to 12 outlets.

By Douglas Blakey

State Bank of India (SBI), India’s largest lender, is to grow its seven-branch-strong UK network to 12 outlets.

As a result, the UK will become SBI’s largest international market.

Last October, SBI said it was looking to make acquisitions of up to $1bn in the UK. SBI chairman OP Bhatt said that the bank’s UK focus would be on capturing business from non-Indian clients rather than non-resident Indians, adding the 40% growth rate seen at the bank’s $3bn UK business over the past two years was expected to continue.

SBI’s expansion plans were welcomed by UK finance minister George Osborne.  “I would welcome the arrival of more Indian banks in the UK as well as the expansion of the existing players,” said Osborne.

Osborne added that the Reserve Bank of India ought to make it easier for UK lenders to expand their India-based branch networks.

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