State Bank of India (SBI) is set to foray into wealth management business to tap young professionals between 25 and 35 years, The Economic Times has reported.
SBI chairman Arundhati Bhattacharya told the publication that, "We will be doing it within this financial year. Our wealth management services will be offered to different class of people (customers). Broad parameters are being finalised."
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SBI, which is India’s largest lender, is planning to hire 40 executives for the proposed arm besides existing bank managers, who will manage HNW individuals’ wealth. The bank is tapping talents through lateral placements.
A potential customer should earn INR200,000 ($3,125) monthly salary, or an income with a minimum INR5m investible corpus, which may be in the form of shares, debentures, fixed deposits and any other form, sources familiar with the subject told The Economic Times.
The bank has roped in consultancy firm McKinsey India to advise the bank on the venture.
