State Bank of India has became the first public sector lender to launch wealth management service, a space dominated by private and foreign players, to cater to fast-growing affluent segment of the country.
The bank also inaugurated a dedicated branch for start-ups which will provide advisory services to the budding entrepreneurs. The wealth management offering – ‘SBI Exclusif’ and the start-up branch – ‘SBI InCube’ were rolled out in Bengaluru.
‘SBI Exclusif’ will offer many firsts in wealth banking like the first ‘e-Wealth Center’ that can deliver quality relationship management services remotely for extended hours.
Its customers will be able to transact and invest on digital channels such as internet and mobile.
The customers will have access to a dedicated relationship manager to take care of all their banking and investment needs.
Through the ‘SBI InCube’, the bank will be helping, guiding and counselling the new entrepreneurs in starting a new company or business enterprise, which so far was not available in the banking industry.
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.
SBI enters wealth management space; opens branch for start-ups
Reviewed by sambasivan srinivasan