The State Bank on Wednesday said it is planning to enter the wealth management business in the current fiscal with a view to tap high net-worth clients.

“We plan to introduce wealth management services in a phased manner in the current fiscal,” SBI chairman O.P. Bhatt told the annual general meeting here Wednesday. The bank is also scouting for a global partner for its merchant acquiring business which it plans to run under a separate company.

“It is proposed to conduct merchant acquiring business under a separate company with an experienced and reputed global partner,” Mr. Bhatt said.

The public sector lender also plans to deploy 6 lakh point-of-service terminals during the next five years across rural and urban areas, Mr. Bhatt said, adding this initiative will facilitate the bank’s debit card acceptance across the country.

The nation’s largest lender will also shortly sign an agreement to operationalise a joint investment fund in collaboration with sovereign entities of Oman, he said. At present, the SBI Group has a network of 17,337 branches which includes 4,841 branches of its six associate banks.

More In: Companies | Business