SBI introduces wealth management business

State Bank of India has recently introduced wealth management business which will primarily aim to offer the best products from fund houses. “The wealth business has been one of the top strategic business priorities of State Bank of India (SBI), as it has numerous high net worth individual clients whose banking needs require highly specialised services” said, SBI Deputy Managing Director (Strategy) J. Swaminathan.
He added, “The new facility will give our elite clients a completely new approach for interacting with the bank.”
SBI would give the flexibility to invest and transact to the customers along with the facility to view their portfolio through digital channels such as internet banking, mobile and remote relationship model.
Chief General Manager (Chennai Circle), Vinay M. Tonse and CGM (Wealth) Giridhara Kini stated that SBI planned to launch 62 wealth centres by the end of the financial year.
The SBI Wealth, which was four years old, already had 1.02 lakh clients and looked to significantly increase the base to 1.25 lakh shortly. With the bank having the trust of customers, it would achieve the goal and ensure that customers’ wealth too enhanced over the period.