SBI London is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. The Government of India itself is the largest shareholder of this Fortune 500 company, with 58.60% ownership, and SBI was ranked 152nd in The Forbes list of Global 2000 firms in May 2015.
Authorised and regulated by Reserve Bank of India and Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority (FCA) and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority and Financial Conduct Authority are available from us on request. State Bank of India is a member of the Financial Services Compensation Scheme established under the Financial Services and Market Act 2000. The Financial Services Compensation Scheme protects deposits held with our UK branches. Payments under this scheme are limited to £85,000 of your total deposits with us in the UK. In practice, this means that each eligible depositor will be compensated up to a maximum of £85,000 of their total deposits.
200 years of banking experience
In 1806, the Bank of Calcutta (later the Bank of Bengal) was founded and, in 1921, it merged with the banks of Madras and Bombay to form the Imperial Bank of India. In 1955, SBI was created by an act of Parliament to succeed the Imperial Bank of India.
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Our bank is your bank
SBI commands a 22% share of the domestic Indian banking market. Our network boasts over 25,000 branches in 37 countries globally.
The State Bank of India with a history of 200 years is the largest commercial bank in India. The group is made up of banking and non- banking subsidiaries and joint ventures. As on 31st of March 2015, the group had assets worth USD 432.02 billion, deposits of USD 328.47 billion and capital & reserves in excess of USD 25.82 billion. The group commands over 22% share of the domestic Indian banking market.
Our non-banking subsidiaries and joint ventures are market-leaders in key sectors, such as life insurance, merchant banking, mutual funds, credit cards, factoring services, security trading and primary dealership.
These diverse retail and wholesale services are delivered by dedicated, highly skilled professional teams. And as you’d expect, we have relationships with thousands of local and international banks through SWIFT – enabling us to securely exchange financial-transaction data and manage trade-related banking business anywhere in the world.
Our Commitments and Supply Chain Management
Modern Slavery Statement of Compliance - SBI London supports the Modern Slavery Act 2015 and the Government, by upholding human rights principles to ensure that slavery and human trafficking is not taking place within our directly employed workforce, or any of our outsource providers. We promote best practice in our supply chain and ensure that all our current and prospective outsource providers, working on behalf of State Bank of India, are conscious of our values and act in accordance with them.
We work closely with external suppliers, to purchase the goods and services required to run our business. In 2016, we will further review our supply chain management processes to identify if further action is needed to comply with the 2015 Modern Slavery Act.
Our Tax Principles are integral to and have been framed in light of SBI Group’s Corporate Governance – Code of Conduct – 2016-17. The Tax principles have been approved by SBI UK’s Board of Directors and the Regional Management Committee of the Branch. These Tax Principles guide how we manage our tax affairs, for ourselves, our staff, suppliers, market counterparts and on behalf of our clients. We take in to account our stakeholders, including governments and communities, when making decisions related to our tax affairs. Importantly, we play an important role on behalf of governments as collector of taxes in relation to payments made to our customers and staff.
We are signatories of HMRC’s Code of Practice on Taxation for Banks and our Tax Principles are framed in the spirit thereof.
- Our taxation approach is aligned with our purpose and values, having regard to building long-term shareholder value and maintaining our reputation as a responsible taxpayer.
- We comply with the spirit as well as the letter of tax laws and fully meet our tax obligations.
- We ensure that the tax risk appetite remains low and that any inherent tax risks are mitigated expeditiously.
- We do not engage in tax planning other than that which supports our genuine commercial activity.
The following apply in respect of the way SBI UK and the Branch attend to their tax affairs, the risks associated with their tax affairs and the management of the relationship with HMRC.
- SBI UK’s Board of Directors and the Regional Management Committee of the Branch are accountable for the Tax Principles and governance thereof.
- The Senior Management of SBI UK and the branch are responsible for establishing and maintaining appropriate processes to ensure adherence with the Tax Principles in business decision-making.
- We maintain effective internal controls over our tax affairs and have clear lines of accountability. All tax management is subject to a robust and regular review and approval process.
- We do not undertake, nor facilitate, transactions which are designed to achieve tax results that are contrary to the intention of tax legislation. We are committed to combatting financial crime including money laundering arising from tax evasion.
- We are transparent in our interaction with taxation authorities and maintain an open and honest relationship based on collaboration and integrity. Issues with taxation authorities are resolved in a timely manner, and where a difference of opinion arises, we work to resolve these quickly and efficiently.