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SBI is deploying 2,000 relationship managers to target India’s wealthy and capture a share of the nation’s growing financial assets.
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The move aims to transform SBI’s wealth management approach and better serve the lucrative market of affluent individuals.
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SBI faces challenges, including managing the gap between credit and deposit growth, but has excess liquidity of ₹3.7 trillion to support its plans.
State Bank of India (SBI) is stepping up its wealth management game by hiring 2,000 relationship managers to target India’s growing number of affluent individuals. With an increasing number of wealthy individuals, SBI aims to transform its wealth management approach to better serve this lucrative market. Chairman Dinesh Khara said the move is aimed at rejuvenating the lender’s wealth management unit, which boasts an extensive distribution network and a wide range of financial products.
SBI faces stiff competition from global players like HSBC and Barclays, as well as local firms like ICICI Bank and Axis Bank. However, with its massive branch network and new wealth management push, SBI is well-positioned to capture a share of India’s growing financial assets. Despite challenges, including managing the gap between credit and deposit growth, SBI remains confident about its plans, thanks to its excess liquidity of ₹3.7 trillion.
