State Bank of India (SBI) is planning to open a branch in Glasgow in 2015, following two further openings in London and one in Bristol.
"Opening a branch in Glasgow pays credit to our founders, a pair of Glaswegians who travelled to India as part of the East India Company," said David Attree, SBI’s chief risk officer, at the bank’s annual Diwali party in London. There are 1.2m Indians in the UK and 45% of these are based in London, where the bank has ten branches, he added.
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SBI intends to expand its UK presence and its non-Indian customer base. "Currently 15% of its customers are non-Indian or of non-Indian origin, and we’d like to increase this to become a multinational banking brand," said Attree.
Mumbai headquartered and Indian government-owned SBI has a 20% market share of the Indian banking sector. SBI’s branding has targeted India’s young population. The average age in India is expected to be 29 by 2020.
If SBI is clever, it will target the mobile banking segment in the UK and roll out some next-generation digital branches here as it has done in India for its sub-brand, sbiINTOUCH.
The branches provide remote expert advisors via video links, interactive wall and table displays, and were designed by Allen International.
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