State Bank of India set for UK restructuring
State Bank of India (SBI) is set for a major restructuring of its business in the UK from April, India s largest state-owned bank has said. SBI’s UK operations will transform into a subsidiary named State Bank of India UK Limited from April 1, in compliance with wider ring-fencing of capital requirements by the Bank of England. The move will mean that all retail branches of SBI in the UK will fall under a new UK-incorporated banking entity instead of their previous status as overseas branches of the Indian entity.…
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