Shortly after launching its general insurance business, country’s largest lender, State Bank of India (SBI) has kicked off its custodial service operations through its joint venture with French partner Societe Generale.

Shortly after launching its general insurance business, country’s largest lender, State Bank of India (SBI) has kicked off its custodial service operations through its joint venture with French partner Societe Generale.

SBI said the joint venture, SBI Custodial Services in which it holds 65 per cent stake and Societe Generale Securities Services the remaining 35 per cent, has targeted a business of about $10 billion in its first year of operations.

The joint venture has been set up to offer complete suit of securities services to foreign financial institutions as well as domestic institutional investors, the bank said.

“Clients will benefit from a single entry point to the provision of real-time multi-instruments and settlement in multi-currencies,” the bank said.

The company aims to offer global custody services to eligible domestic clients by providing state-of-the art, world-class services to major players in the Indian securities industry, it said.

Last week, SBI had announced the launch of operations of SBI General Insurance, its non-life subsidiary with Australian firm Insurance Australia Group (IAG).

SBI holds a majority 74 stake in the joint venture and IAG 26 per cent.

Announcing the launch of custodial services joint venture, SBI said that the company would also offer fund accounting and fund administration services to institutional investors in both domestic and international markets.

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