After teaser home loan, SBI has another first to its credit: private banking. It is offering private banking in association with Societe Generale of France to offer private banking services to ultra high net worth persons in India. With this initiative, SBI has become the first PSU bank to offer these services.
SBI will hold the majority stake of 60% in the new company. The rest would be held by Societe Generale. A top SBI official said, discussions about stakes are still continuing.
Private banking includes all investment advices along with the financial requirements of the customer which contains management and increase of the customer’s assets besides estate planning.
The new company would be recruiting best talent both within the industry and major B-schools at aggressive salaries.
Societe Generale had begun its private banking operations in India from 2005. It has offices in Delhi and Mumbai.
Presently, ICICI Bank, Standard Chartered and Citibank are involved in this business.
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