India's largest banking group 'cheques in' to region

The West Midlands burgeoning reputation as a world class centre for international financial services has been underpinned with the decision by India's largest bank to establish a presence in the region.

The State Bank of India (SBI) has global assets of over £78 billion and holds a 25 per cent market share of banking in its home country.

It has opened an office in Birmingham, taking a prime location at the heart of one of the city's thriving Indian business communities.

SBI has a vast network of more than 13,800 branches in India and over 70 overseas offices in 30 countries. It achieves net profits of £700 million and its retail operations serve over 100 million customers.

SBI's move to the West Midlands was supported by inward investment specialists at Advantage West Midlands and Locate in Birmingham, who provided advice and guidance and access to appropriate business support.

Mrs Sudha Malhotra, State Bank of India's Chief Manager for the UK, said the new branch marked a milestone in the steadily increasing India-UK business relations, both for SBI and the City of Birmingham.

"We at SBI are very well positioned to carry this momentum forward," said Mrs Malhotra. "We bring to Birmingham our established strengths in trade finance, retail and corporate services as well as our traditional values of fine and transparent rates.

"Our team here is from Birmingham and understand the business requirements of the city well. We will leverage this local knowledge with our international capability to provide a world-class banking service to our customers."

The new office, in Soho Road, Birmingham, offers a range of services for both corporate finance and personal banking.

The branch manager is Mrs Upinder M Pokhriyal, from Wolverhampton, while all the staff members are permanent residents in Birmingham.

Mrs Pokhriyal said: "Our Birmingham office will benefit from the SBI Group's years of banking experience and its extensive specialised subsidiaries. Our expert financial, trade and logistic support will be instrumental in fostering trade ties between both English and Indian business houses.

"And the general public and small traders can look forward to a first class service when it comes to deposits, money transfers, loans and trade finance."

SBI, founded in 1806, has been operating in the UK since 1921. It has three branches in London and others in Manchester and Leicester.