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SBI enters wealth management space; opens branch for start-ups

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 
  • ‘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.
 SBI Incube 
  • 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.

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