State Bank of India Set for UK Restructuring

State Bank of India (SBI) is set for a major restructuring of its business in the Unite Kingdom from April. 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.

Source- Moneycontrol

Static/Current Takeaways Important for Canara Bank PO 2018 Exam-
  • SBI Chairman- Rajnish Kumar, Headquarters- Mumbai, Established on- 01st July 1955.