News

India’s largest bank opens ‘wealth hub’ in Assam state

Guwahati_IndiaThe State Bank of India (SBI) has opened its first “wealth hub” in Guwahati, the largest city in the state of Assam, located in the north east of the country. The branch, which offers SBI Wealth services, can give high-net worth clients personalised banking and investment services. The SBI is India’s largest commercial bank and is aiming to have 50 wealth hub centres by 2020, Rajnish Kumar, SBI chairman, said last month. SBI Wealth currently has 36,000 clients and is aiming to significantly increase this base to 125,000 over the next two years. An inaugural service was held at the Brahmaputra Premium branch at NEDFi House in Assam on November 4, 2018 and was led by PK Gupta, managing director at the SBI. Gupta said: “Our next target is Shillong [the capital of Meghalaya state] where we want to open an SBI wealth services branch. [The] northeast has tremendous potential and we are exploring all possibilities.” He added: “There are lots of clients in the region who need investment advisory services. Under these facilities, the advisories for investment will also include non-SBI products. ©2018 funds global asia

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The impact of financial technology, developments in Asian passporting and the promise of new markets in Thailand were among the topics discussed by our panel. Chaired by George Mitton in Singapore.

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