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Indian bank is on course for August mortgage launch

The State Bank of India says it is on track to launch a range of residential mortgages in August.

Mortgage Strategy revealed in September 2011 that India’s largest bank was looking at entering the UK residential sector in 2012, after launching a number of buy-to-let deals through its branches.

A spokeswoman for the bank says it is too early to confirm what its product offering will be, but says it is exploring offering the mortgages via brokers.

SBI, which is 59.4% owned by the Indian government, is the 50th largest bank in the world and operates in 32 countries.

Last week the bank also announced that it has joined the Council of Mortgage Lenders. Yorkshire Building Society and OneSavings Bank, which operates as Kent Reliance, have also become CML members.

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