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About SBI UK Ltd

About SBI UK Ltd

About SBI UK

State Bank of India (UK) Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 757156). SBI (UK) Ltd is registered in England and Wales (Registered no: 10436460), with a registered office at 15-17 King Street, London EC2V 8EA. Your eligible deposits with State Bank of India (UK) Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. For further information please visit www.fscs.org.uk.

 

SBI UK Ltd. is a wholly owned subsidiary of State Bank of India.

With a legacy of over 200 years, State Bank of India (SBI), the parent Bank of SBI UK Ltd., traces its ancestry to the Bank of Calcutta founded in 1806. Today SBI is an Indian multinational, public sector banking and financial services statutory body, fostering India’s US$2.6 trillion economy and serving the hopes of its vast population. The bank is a member of the Fortune 500 and 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 a 57.13% stake. It has over 430 million customers worldwide, with 208 offices in 32 countries. It also has over 22,000 State Bank Group branches and over 58,000 ATMs.

In the UK, SBI has been active since 1921, and has grown to become the largest Indian bank in the UK. Whilst SBI’s operations in the UK began in wholesale banking, it has now expanded to include a subsidiarised, ring-fenced retail offering as well.

The bank’s retail-focussed subsidiary, State Bank of India (UK) Limited, was established in April 2018, with 12 branches across the UK. Its products and services include – Commercial Lending, Buy to let Mortgages, Cash ISA’s, Safe Deposit Lockers, Instant Access Savings Account, Business Account and Fixed Deposits. This year, SBI  UK launched the YONO app, its versatile digital banking app. This is part of the bank’s plans to expand its digital offerings in the coming years. YONO SBI UK aims to provide customers with a  seamless, convenient, easy-to- use mobile app for their banking needs.

Having proudly served the UK community for almost 100 years, SBI remains committed to both its corporate, business and individual customers.

State Bank of India (UK) Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 757156). SBI (UK) Ltd is registered in England and Wales (Registered no: 10436460), with a registered office at 15-17 King Street, London EC2V 8EA. Your eligible deposits with State Bank of India (UK) Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. For further information please visit www.fscs.org.uk.

 

Our Commitments and Supply Chain Management

Modern Slavery Statement of Compliance - State Bank of India UK  Ltd (SBIUK) 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 UK Ltd, 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.

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 Ltd’s Board of Directors and the Management Committee of the Bank. 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.

Tax Principles

We are signatories of HMRC’s Code of Practice on Taxation for Banks and our Tax Principles are framed in the spirit thereof.

  1. 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.
  2. We comply with the spirit as well as the letter of tax laws and fully meet our tax obligations.
  3. We ensure that the tax risk appetite remains low and that any inherent tax risks are mitigated expeditiously.
  4. We do not engage in tax planning other than that which supports our genuine commercial activity.

Tax Management

The following apply in respect of the way SBI UK Ltd attend to their tax affairs, the risks associated with their tax affairs and the management of the relationship with HMRC.

  1. SBI UK’s Board of Directors and the Management Committee of the Bank are accountable for the Tax Principles and governance thereof.
  2. The Senior Management of SBI UK are responsible for establishing and maintaining appropriate processes to ensure adherence with the Tax Principles in business decision-making.
  3. 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.
  4. 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 combating financial crime including money laundering arising from tax evasion.
  5. 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.

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