Mangaluru: State Bank of India, the nation’s largest bank, launched its Wealth Business Services by opening ‘Wealth Hub’ in Mangaluru on Saturday, October 20.
Speaking on the occasion, the Chairman of the bank Rajnish Kumar said, “The bank has rebranded its Wealth Business as ‘SBI Wealth’, offering best-in-class personalized banking and investment services to its elite HNI Clients through a dedicated team of relationship managers.” He inaugurated this service at the bank’s Lalbagh branch in the city. SBI is the first PSU bank in the country to introduce comprehensive Wealth Business advice, research and services to its clients.
SBI Wealth has a presence in 20 major centres with a network of 90 Wealth Hubs in the country. Mangaluru will be the 21st centre. SBI is planning to take its total number of Wealth Business centres to 50 by 2020. Presently, SBI Wealth is serving nearly 35,000 clients and is looking to triple its client-base to 125,000 with an AUM of Rs. 100,000 crore in the next two years.
Addressing a gathering of clients at the SBI Wealth launch, Rajnish Kumar said, “We are glad to launch SBI Wealth at Mangaluru. This new offering by the bank would give our elite clients a completely new approach for interacting with it. Introducing the Wealth Business has been one of the top strategic business priorities as we have numerous HNI clients whose banking needs require highly specialised services.”
HNI clients would be offered best products across categories from leading Fund Houses. They will also have the flexibility to invest, transact and view their portfolio through digital channels such as Internet Banking, Mobile and Remote Relationship model. The bank has tied-up with several leading technology and product partners, to provide an extensive suite of privilege products and lifestyle benefits. These include top tier credit and debit cards, concessions/waivers in charges, and much more.
The bank also launched wealth Business services for NRIs and is in the process of setting off a state-of-the-art Global e-Wealth centre at Kochi.
The chief general Manager Giridhara Kini, CGM Bangalore Abhijeeth Mujumdhaar were present.
About State Bank of India
State Bank of India (SBI) the largest commercial bank in terms of assets, deposits, branches, customers and employees, is also the largest mortgage lender in the country. As on June 30, 2018, the bank has a deposit base of Rs. 27.47 lakh crore with CASA ratio of 45.07% and advances of Rs. 19.09 lakh crore. SBI commands a 32% market share in Home Loans and a 35% market share in Auto Loans. The Bank has the largest network of nearly 22,500 branches in India and an ATM network of nearly 59,000 ATMs. Downloads for YONO – an integrated digital and lifestyle platform by SBI – are over 1 Cr, with more than 3 lakh logins per day. More than 1.6 million SB accounts were opened on this platform, reaching a peak of over 27,000 accounts per day. On social media platforms, SBI has the highest number of followers on Facebook, YouTube, LinkedIn. The Bank tops the list of followers on Facebook and YouTube across all banks worldwide.