British High Commissioner to India sets out vision for Free Trade Agreement at State Bank of India economic conclave
- An SBI-FICCI economic conclave was held with heads of industry, business groups and the British High Commissioner to India.
- The British High Commissioner to India suggested now was the time to reset trade relations between the two powerful democracies.
- The State Bank of India also celebrated its centenary of operations in the UK.
LONDON, March 15, 2022 /PRNewswire/ -- The State Bank of India ("SBI", "The Bank"), a Fortune 500 company, held a joint economic conclave in conjunction with the Federation of Indian Chambers of Commerce and Industry ("FICCI") on Thursday 10th March in London. With an Enhanced Trade Partnership (ETP) already agreed between the nations of the UK and India, the conclave was an opportunity to identify opportunities for economic and strategic collaboration alongside the ongoing Free Trade Agreement (FTA) negotiations between the two governments.
The conclave was opened by SBI Chairman, Mr Dinesh Kumar Khara, visiting from India, who outlined the areas of mutual interest and development for the two nations – including R&D, Fintech and Green Finance – before tracing the history of the bank and its role as a custodian of the bilateral relationship between the UK and India. Message from FICCI-UK Chair, Baroness Prashar, who explained that we are at a critical juncture in the relationship between the two, and that we have a unique opportunity to develop the skill-sharing and talent-pooling capacities that an ETP will bring.
The British High Commissioner to India, HE Alex Ellis presented the expectations for the UK-India Free Trade Agreement. Reflecting on the current FTA being negotiated by the two governments, Mr. Ellis explained that, now the UK was able to negotiate these deals outside of the EU, it was a unique opportunity for increasing trade between the two nations, which is currently "pretty thin" considering the size of the two nations in terms of GDP. The economic rationale, he continued, goes beyond the UK and India, and extends to proof that, in an increasingly more contested world, differing democracies can lay the groundwork for an accelerated consensus. He concluded that, 75 years on from India's independence, now was the time to reset a deal between the two countries on a different footing, based on common economic and strategic drivers.
The conclave then continued with more panels involving industry giants such as JCB, Rolls Royce plc and Accord-UK, in addition to regional and international partnership organisations like the Confederation of British Industries and UK-India Business Council, who discussed multi-layered frameworks for implementing cross-cultural and business links between the UK and India, including digital infrastructure, cyber-security and biomedical research.
The event coincided with SBI UK's celebration of its 100-year anniversary of operations in the UK. The centenary event at Mansion House, was attended by The Rt. Hon. The Lord Mayor, Alderman Vincent Keaveny, dignitaries and customers. During this event, a donation was made to Pratham UK, a charitable organisation providing educational resources to children in India.
Rt. Hon. The Lord Mayor, Vincent Keaveny said: "I congratulate the State Bank of India on their one hundredth anniversary and am delighted that they have chosen Mansion House as the venue to host the celebration. The UK and India share a long history and have close links, but this isn't just about looking back but also forward, especially with the ongoing UK-India trade negotiations which we hope will include a financial services chapter.
"The City of London Corporation is committed to deepening financial sector engagement with India, including through its active membership in the India-UK Financial Partnership, so that this can be the beginning of another 100 years of positive relations."
Chairman of the State Bank of India, Mr. Dinesh Kumar Khara said: "101 years ago, the Imperial Bank of India opened its first branch in London in 1921. After the amalgamation of the Banks of Bombay, Calcutta and Madras to create the Imperial Bank, they looked overseas to the United Kingdom in order to establish a financial corridor that would grow from strength to strength over the last century. We have the confidence of more than 470 million customers in India, and now share that trust and security with our retail and corporate clients here in the UK. As two progressive, established democracies, the UK and India are at a perfect time in their partnership to enable the deepening of cultural and economic interlinkages that will allow us to collaborate and solve global issues together."
Regional Head of SBI UK, Mr. Sharad Chandak, said: "This celebration is a testament to how far our operations in the UK have evolved in the last 100 years. We started with London Branch to offer wholesale banking and enlarged the operations in the retail space. After formation of SBI UK Ltd in 2018, we have introduced our YONO SBI UK mobile banking app, launched new products, and grown the customer base in the UK. We look forward to expanding our offering to our corporate, small businesses and retail clients throughout the next century of operations."
Issued by Peregrine Communications
NOTES TO EDITORS
About State Bank of India UK
State Bank of India (SBI) has over 200-year heritage and is a Fortune 500 company. It is the largest commercial bank in India alone in terms of assets, deposits, branches, customers, and employees. The Government of India is the largest shareholder of the bank, holding over 56% stake.
SBI UK has been operating in the UK for over 100 years and has grown to become the largest Indian bank in the UK, as well as being the largest international operation of SBI. Whilst the Bank's heritage in the UK began in wholesale banking, it has continuously expanded its retail offering. As of 1st April 2018, SBI UK ringfenced and subsidiarised its retail franchise, SBI (UK) Limited, which currently has 11 branches across the UK - in Coventry, Birmingham, the City of London, Golders Green, East Ham, Harrow, Leicester, Manchester, Southall, Hounslow, and Wolverhampton. SBI (UK) Limited has adopted a high street feel to most of its UK branches, while enabling greater access to the bank's suite of products, such as savings accounts, business accounts, commercial lending, buy to let mortgages, safe deposit lockers, fixed deposits, cash ISAs, and money transfers to India.
More details can be found on our website – www.sbiuk.com
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