India's largest bank, State Bank of India (SBI) has been declared as the ‘Best Bank of the Year 2008' by The Banker magazine, at the ninth annual Banker Awards in London.

A press release by the bank stated that its Chairman, Mr. O P Bhatt received the award from the Editor-in-Chief of the magazine, Stephen Timewell.

The award was announced on the grounds of intensive research and analysis of financials and performance of famous banks. It acknowledged the institutions that have managed to meet the challenges of financial crisis with skill, courage and expertise. On these entire bases SBI appeared to be the winner and best bank in the country.

BNP Paribas, one of the largest and strongest financial services groups in the world, was also announced as ‘Global Bank of the Year 2008' by the magazine. The magazine noted that in a chaotic year, BNP Paribas "demonstrated a remarkable level of stability and resilience" and has been quick "to spot and grab the right opportunities". The bank has "excelled in key growth areas".

BNP Paribas' CEO, Baudouin Prot said: "BNP Paribas' robust business model has a track record of delivering strong and diversified earning streams from all its business lines. This is thanks to its excellent client franchises and the quality of its teams. While obviously not immune to the financial crisis, BNP Paribas' stringent risk policy culture and good cost control during these difficult times have positioned it well to continue growing organically over the cycle. The acquisition of Fortis will present BNP Paribas with a unique opportunity to expand its pan-European footprint and become the largest bank in the eurozone in terms of deposits."

The award function of the magazine was held on November 26th, at The Dorchester Hotel, London.