State Bank of India UK is pleased to announce the opening of two branches in Hounslow and Ilford. These events are testament to the bank’s consumer banking growth in the UK, increasing its portfolio of branches by 20 per cent.
Officially opened on January 25, these branches will help to align SBI UK with other challenger banks on the high street by enabling greater access to its popular savings, buy-to-let mortgages, safe deposit boxes, business accounts and NRI services such as remittances to India. Continually topping the ‘best buy’ lists and winning awards for its retail banking services, SBI UK’s products are appealing to more of the nation’s savers than ever before. SBI UK’s first ever branch in London dates back as far as the establishment of the Imperial Bank of India in 1921. Whilst the bank’s heritage in the UK began in wholesale banking,
it has successfully launched a retail offering in recent years. The bank remains committed to the UK market as it plans to subsidiarise and continue with its retail expansion, which is expected to spur investment and generate a number of jobs in the coming years.
Mr B Sriram, Managing Director (Corporate Banking) of the State Bank of India, commented while inaugurating the two London branches, ‘These two branches are part of SBI’s International Banking Group (IBG) growth strategy, which includes recently opened branches in Seoul, South Korea, and a proposed one in Brazil.
‘SBI now has 196 offices in 36 countries. IBG contributes nearly 20 per cent of the bank’s balance sheet and these branches allow us to get closer to our customers and work with them on their banking needs face-to-face. Our growth in these two areas of London will improve accessibility for our loyal customers and will hopefully attract even more.’