Indian banks in the UK are set for a new phase of growth in the UK as they prepare to expand operations into subsidiaries, according to the UK chief of State Bank of India (SBI).
Sanjiv Chadha, who is SBI’s Regional Head for the UK and chair of the Association of Indian Banks in the country, said that the move will lead to a wider range of products for the Indian diaspora.
He said: “Indian banks have always followed the diaspora and just as the diaspora has transformed and grown, the Indian banks are also being asked to subsidiarise as we have also grown.
“State Bank of India and Bank of Baroda will have both branch operations and subsidiary operations. The importance of this move is a wider balance sheet size.”
Chadha confirmed that SBI and Bank of Baroda are set to make the transition from a branch to subsidiary in the next three to six months, following which they will have a dual presence in the UK.
‘India Global Business’ has been tracking this issue