SBI launches wealth business services through 'SBI Wealth Hub'

The nation's largest bank, State Bank of India Saturday launched its wealth business services by opening "SBI Wealth Hub" at the Lalbagh branch here. The wealth hub was inaugurated by SBI Chairman Rajnish Kumar. SBI is the first PSU bank in the country to introduce comprehensive wealth business services for its clients.

The bank has re-branded its wealth business as "SBI Wealth" offering best-in-class personalised banking and investment services to its elite High Net worth Individual (HNI) clients through a dedicated team of relationship managers.

SBI Wealth has a presence in 20 major centres with a network of 90 Wealth Hubs in the country. SBI is targeting to take its wealth business service to 50 centres 2020. Presently, SBI Wealth is serving nearly 35,000clients and is looking to triple its client base to 1,25,000with an Assets Under Management (AUM) of Rs 100,000 crore inthe next two years, a press release here said.

"Introducing wealth business has been one of the top strategic business priorities of the bank as we have numerous HNI clients whose banking needs require highly specialised services," the SBI Chairman said.

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 like 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 and waivers charges. The bank has also launched Wealth Business services for NRIs and is in the process of setting of a state-of-the-art global e-Wealth centre at Kochi, he said.