SBI starts advisory services for startups

Becomes the first public sector bank to enter wealth management.

State Bank of India (SBI) on Thursday unveiled a dedicated advisory services branch for startups and wealth management service for high networth individuals (HNIs).

SBI becomes the first public sector bank to offer wealth management service.

SBI InCube will be a one-stop advisory services facility for entrepreneurs but will not offer loans to startups for now, Bank Chairperson,Arundhati Bhattacharya, said. The service would be extended to other cities later.

SBI InCube would advise entrepreneurs on several issues from setting up a company to taxation matters, asset and liability products, foreign exchange services, remittances and cash management.

The wealth management service, SBI Exclusif, will offer a new banking experience to the fast growing number of affluent customers, Ms. Bhattacharya told reporters. Its customers would have access to a relationship manager and trained investment experts who would guide them on best investment options across categories.“Introducing wealth management has been one of the bank’s top strategic priorities as we have a number of HNI customers and potentially many more whose banking needs are more sophisticated and who require a highly specialised service delivery mechanism,” she said.

For the HNIs service, SBI has tied up with technology partners to include lifestyle benefits such as a special wellness benefit card and top-tier credit and debit cards, tax and legacy planning services and cash pick-up and delivery.