India’s largest lender, State Bank of India, is set to enter the UK residential mortgage market this year following the bank’s expansion of its international business, according to a Financial Times report.
Britain’s leading financial newspaper said the bank planned to take a conservative approach to lending overseas.
After nearly 90 years in the UK, SBI increased it range of services last year, growing its branch network from seven to ten.
Rajnish Kumar, head of State Bank of India UK, said that the financial crisis and subsequent increase in banking sector regulation had provided an opportunity for smaller banks.
“The market has become more prudent,” he said. “And this fits in with our model and what we want to offer.”