SBI to revamp Wealth Management biz, rope in consultant to firm up roadmap
Plans to grow by three-fold from current Rs 2.95 trillion
State Bank of India (SBI), the country’s largest lender, is planning to revamp its wealth management business, which currently has assets worth about Rs 2.95 trillion.
SBI’s plan is to rope in a consultant, which will help craft a strategy on premier banking services for high net worth clients.
A top SBI executive said while the wealth management business is expanding consistently, there is scope for growing it threefold.
Some key players in this space are Axis Bank with Rs 3.57 trillion assets under management (AUM), Nuvama Wealth with Rs 2.25 trillion and Anand Rathi Wealth with Rs 39,000 crore. Others include ICICI Bank, Standard Chartered Private and IIFL Wealth. Among public sector banks, Bank of Baroda has recently commenced this line of business.
At present, much of SBI’s business is concentrated in big cities and is with aged people. But the scenario is changing with digital platforms and rising awareness.
Feedback from the branch network suggests that customers in tier II and III cities and young clients need a range of services quickly to manage their growing wealth, a top executive said.
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