State Bank of India (SBI), the country’s largest public sector bank, has forayed into wealth management space to target fast-growing affluent segment of the country.
The lender launched its wealth management service, called SBI Exclusif, which will deliver quality relationship management services remotely for extended hours. It will offer a dedicated relationship manager who will take care of all the banking and investment needs of its clientele.
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The bank has adopted a multi-channel approach to offer the new wealth management service, which will be open to customers with a wealth base of INR3m.
The bank has initially launched SBI Exclusif in Bangalore with plans to roll out in other cities during the course of the year.
The service will also allow clients to be in contact with their advisors and relationship managers remotely through video calls.
SBI Exclusif will offer benefits such as a special wellness benefit card, top tier credit and debit cards, tax and legacy planning services and cash pickup/delivery services among others.
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By GlobalDataFurthermore, SBI has opened a dedicated branch called SBI InCube for start-ups at Bangalore.
The new branch will provide financial management and advisory services to entrepreneurs under single roof but will not be providing loans for start-ups. SBI InCube will help, guide and counsel the new entrepreneurs in starting a new company or business enterprise.
SBI is planning to set up such dedicated InCube branches in other cities, such as Pune and the National Capital Region.
Also, InCube’s relationship managers will offer personalised advice to startup founders on investments, taxation and forex transactions, and solutions to optimise the cash conversion cycle.
SBI chairman Arundhati Bhattacharya said: "Introducing wealth management has been one of the bank’s top strategic priorities, as we have a number of HNI customers in the bank and potentially many more whose banking needs are more sophisticated and who require a highly specialised service delivery mechanism.
"With this, the entrepreneurs will be guided right from setting up of a company. Legal issues connected to that, taxation issues etc will be properly explained to them under one roof," Bhattacharya added.
