State Bank of India (SBI), India’s largest lender, in the current fiscal will be venturing into the wealth management business. Through this program bank aims to tap high net worth clients, a top bank official said.
SBI's Chairman, O P Bhatt, told shareholders at its annual general meeting that, "We plan to introduce wealth management services in a phased manner in the current fiscal."
The bank is also searching for a global partner for its merchant acquiring business. It is planning to form a separate company to carry out operations.
He said, "It is proposed to conduct the merchant acquiring business under a separate company with an experienced and reputed global partner.
Bhatt informed that in the next 5 years bank will also install 6 lakh point-of-service (PoS) terminals across rural and urban areas.
He added, this initiative will aid in SBI’s debit card acceptance pan-India.
The SBI chief told soon bank will be signing an agreement for the operation of a joint investment fund in collaboration with sovereign entities of Oman.
Currently, the SBI group has 17,337 branches out of which 4,841 branches are of its six associate banks.
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