State Bank of India plans to open wealth hubs in 50 centres by 2020

SBI has plans to expand wealth hub footprint to 50 centres by 2020 as the state bank tries to tap into the country’s growing number of HNWIs.

State Bank of India (SBI) offers personalised banking and investment services to its HNW costumers  under ‘SBI Wealth’ service and aims to cover 200,000 clients in this segment over the next two years. At present, SBI Wealth has nearly 36,000 clients.

The first wealth services branch in the Northeast part of the country was opened this week in Guwahati.

The SBI Wealth branch here will provide our clients a new experience of interaction with banking services. Wealth business has been one of the top strategic business priorities of SBI. This is because we have numerous clients of high net worth whose banking needs require highly specialised services,” P.K. Gupta, managing director of SBI said.

Rajnish Kumar, chairman of SBI, added that HNW customers would be offered a range of products across categories from leading fund houses. Clients will have the flexibility to invest, transact and view their portfolio, through digital channels such as internet banking, mobile and remote relationship model.

“This initiative is for a particular segment of our customer base to go with various and far reaching schemes for our varied clientele base,” Kumar said.

The bank has also launched a wealth business service for NRIs

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Pedro Gonçalves
Pedro Gonçalves is Financial Correspondent at International Investment.

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