Bigger India
State Bank of India Looks to Broaden UK Customer Base Beyond Indian Diaspora
SBI was not willing to exit one of its biggest overseas markets, despite new ring-fencing rules.
The State Bank of India (SBI) wants to broaden its UK customer base beyond the Indian diaspora after pumping £225 million into its retail business as part of new post-crisis regulations.
Bosses of the lender – which is 58.6% owned by the Indian government – said that while they were happy with the status quo, SBI was unwilling to pull out of one of its biggest overseas markets which currently accounts for 20% of foreign operations.