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.
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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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