State Bank of India has identified the U.K. as a priority market for future growth.
SBI shared its business expansion plans in the U.K. with U.K. Minister of Trade, Investment & Business Lord Mervyn Davies, who called on SBI Chairman O. P. Bhatt on Thursday here. Mr. Bhatt informed that U.K. figured prominently in the business plans of SBI.
At present SBI operates through its seven branches in the U.K. One more branch will be operational by the end of this year.
Establishment of four more branches and offices was in the pipeline and by the completion of the current phase of branch expansion in the U.K., SBI will have the largest number of branches among all U.K. based Indian banks.
Further, the operational set up of the SBI’s U.K. operations was being expanded substantially to fully leverage the market opportunities. “The product suite is being upgraded towards the achievement of this aspiration. Local senior managers are being recruited by SBI in the U.K. to tap the potential offered by the market.”