SBI to penetrate more into retail biz in UK
By Joseph Samson
Oct 28, 2010
Print    Email    RSS   

Country's largest lender, State Bank of India is now planning to push its retail banking segment deeper in the UK market. It has targetted a market of 1.1 million non resident Indians (NRIs) and people of Indian origin (PIO).

The bank aims to penetrate in the home loan segment (mortgages) of the British market.

The bank will introduce its entire product range in the market by March 2011 along with the addition of three more branches in the country, thus taking its total branch count to 10. This will put SBI in competition with the big names in the UK mortgage business like HSBC, Barclays, NatWest, Lloyds and RBS.

Not only is the bank aiming at the mortgage market but it also plans to launch some of its mutual funds (MF) products from its Indian mutual fund base in the UK market.

According to SBI UK's CEO and regional head, Rajnish Kumar, although there are many Indian banks operating in UK, but the penetration of Indians there is less than 10%.

Currently SBI has seven branches in UK of which four are in London and one each in Birmingham, Manchester and Leichester. The three new branches will be set up at Newham (London), Wolverhampton and Coventry with recruitment of 30 more people into the existing 150 member crew of the bank there.

The bank also has plans to penetrate its retail business in US, Canada and Hong Kong.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Reasons for rejection of loan application
Make your home loan repayment easier
Bank of Maharashtra reduces home loan rates
Reverse Mortgage in India: Your property...
Carnival of Indian Personal Finance Blogs #1

PINJORE: CaℒL Giℛℒs In PiNjOrE 09915787550...
PINJORE: CaℒL Giℛℒ In PiNjOrE 09915787550...
how to gate my home loan certificate

Canara Bank earned a profit of 60%. Feb 6, 2015
New Branch of Laxmi Vilas bank at Vijayawada Jan 30, 2015
Home loan EMIs expected to drop down Jan 21, 2015
Corporation Bank received MSME banking excellence award 2014 Jan 19, 2015
Home loan rates set to fall, after reduction in repo rate Jan 16, 2015
News Archive