WFY Today

SBI, UK, celebrates its centenary & silver jubilee of its London Stock Exchange listing

State Bank of India (SBI) has completed 100 years of its eventful existence in the UK this year.

Naturally, the mood is jubilant as the bank is celebrating the centenary of its presence in that country. The financial institution is also celebrating the silver jubilee of its listing on the London Stock Exchange (LSE).

The bank’s chairman Dinesh Khara opened the exchange on Friday as part of the celebrations.

Imperial Bank of India, as it was known earlier, the SBI has been active in the UK since 1921, the year, it opened its first British branch. The idea was to provide banking services to the Indian diaspora, corporates and small businesses.

Its fully-owned subsidiary SBI UK, incorporated in 2018, is the largest Indian bank operating in Britain.

It has a network of 12 branches across the country.

The London Stocks Exchange in a statement on its website said, “As a nation with a rich, historical relationship with Britain, linked by language and culture, SBI looks forward to finding tremendous opportunities for shared prosperity. Having proudly served the UK community for 100 years, SBI UK remains committed to its corporate, business and individual customers and looks forward to the next hundred years of stewarding financial security and prosperity for its clients in the UK.”

The bank said it wants to reopen its Golders Green branch in London on April 4.

At present, the Indian government holds a 56 per cent stake in the SBI.

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