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SBI widens its net, says will cover 2 lakh high networth individuals under special service

The State Bank of India (SBI) has plans to widen the reach of its special service ‘SBI Wealth Service,’ that caters specifically to high net worth individuals (HNI), to include two lakh customers in the next two years

SBI widens its net, says will cover 2 lakh high networth individuals under special service
SBI widens its net, says will cover 2 lakh high networth individuals under special service

New Delhi: The State Bank of India (SBI) has plans to widen the reach of its ‘SBI Wealth Service,’ that caters specifically to high net worth individuals (HNI), to include two lakh customers in the next two years.

Past record

While addressing the press, Rajnish Kumar, Chairman of SBI, said that the bank currently has nearly 35,000 HNI customers under its wing, two years after the special wealth service was launched in 2016. He also said that the bank should be able to cover two lakh customers under this initiative in the next two years, which will be roughly about 35-40 percent of SBI’s total customer base in this particular category. “SBI Wealth has a presence in 20 major centres with a network of 90 ‘Wealth Hubs’ in the country. Mangaluru is the 21st centre to get ‘Wealth Hubs,’ which were opened on Saturday. SBI is targeting to take its wealth business service to 50 centres across the country by 2020,” Kumar stated.

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Benefits for HNI customers

Explaining the concept of ‘Wealth Hub,’ Kumar said that HNI customers would be offered the best products across categories. They will have the flexibility to invest, transact and view their portfolio through digital channels such as internet banking, mobile and remote relationship model.

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