SBI opens branch for startups, enters into wealth management space

State Bank of India 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 startups which will provide advisory services to the budding entrepreneurs.

"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," SBI chairman Arundhati Bhattacharya said. The wealth management offering 'SBI Exclusif' and the startup 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. "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.