State Bank of India announces strategic initiatives

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Ø  Launches SBI Exclusif – wealth management services

Ø  SBI InCube – The first branch for Start-ups

Bengaluru, January 14, 2016: State Bank of India (SBI), country’s largest bank, today announced the launch of its wealth management offering – ‘SBI Exclusif’ and the inauguration of ‘SBI InCube’, a dedicated branch for Start-ups. While Exclusif is targeted at the fast-growing affluent segment in the country, SBI InCube would offer advisory services to the entrepreneurs under one roof from setting up of a company to issues related to taxation. With this initiative Bank aims to provide a comprehensive and best-in-class banking experience to customers.

The Bank today launched the offering in Bengaluru and will roll it out in other cities during the course of the year.

SBI Exclusif:

Exclusif proposes to bring to customers a completely different and new approach to interacting with the Bank. Exclusif customers will have access to a dedicated Relationship Manager to take care of all their banking and investment needs. This Relationship Manager will be supported by a team of investment experts. To ensure high quality of services, the Bank has ensured that RMs and investment experts have significant prior experience and also have undergone extensive training with leading global institutions. Further, customers will have access to the best products across categories from market leading institutions as the Bank has introduced an open platform.

Smt. Arundhati Bhattacharya, Chairman of SBI, said, “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 specialized service delivery mechanism.”

SBI Exclusif offers many firsts in wealth banking – the first “e-Wealth Center” that can deliver quality relationship management services remotely for extended hours. Similarly, Exclusif customers will have the ability to transact and invest on digital channels such as internet and mobile. The bank has liaised with several technology and product partners, to provide an extensive suite of privilege products and lifestyle benefits that will find favour with the target segment. These include a special wellness benefit card, top tier credit and debit cards, tax & legacy planning services, cash pickup/delivery services and much more.

With this offering, SBI becomes the first PSU bank in the country to introduce Wealth Management services.

SBI InCube (Start-up Branch):

Smt. Arundhati Bhattacharya, Chairman of State Bank of India (SBI), will inaugurate the Branch for Start-ups in Bengaluru at St. Mark’s Road, which is first of its kind in India. The branch is named as SBI – InCube. Simultaneously web inauguration of the help deskfor Start-ups at Bannerghatta Road will be done. The branch will cater exclusively to the growing banking needs of start –ups.

With the strong technology platform on which Bank is operating, a host of products like liability products, assets products and services in Foreign exchange, remittances, cash management etc are being presently offered. Smt Arundhati Bhattacharya said that with the new initiative of starting the SBI InCube, long felt desire for helping, guiding and counselling the new entrepreneurs in starting a new company / business enterprise, which so far was not available in the banking industry will be fulfilled. With this, the entrepreneurs will be guided right from setting up of a company (like registration of the company), legal issues connected with that, taxation issues etc will be properly explained to them under one roof.

Currently SBI has specialized branches for large corporates (Corporate Accounts Group), Mid-corporates (Mid Corporate accounts Group) and small and medium enterprise (National Banking Group). With the opening of InCube Branch, the start-ups requirement will be fully addressed, thus comprehensively covering the entire gamut of SME segment.