SBI recruiting army of executives to target ‘Elites’!

State Bank of India (SBI), the country’s largest lender, is intensifying its focus on wealth management as India’s affluent population grows

SBI is deploying 2,000 executives as relationship managers to capitalize on this trend to cater to high-net-worth individuals and strengthen ties with smaller companies nationwide. According to Chairman Dinesh Khara, SBI’s wealth management unit is adopting a fresh approach to tap into this lucrative market. With an extensive network of over 22,500 branches, State Bank of India aims to leverage its vast distribution network to offer a wide range of financial products. Khara emphasized the bank’s capability to reach customers directly without needing partnerships with other wealth managers. State Bank of India joins a competitive landscape, with global players like HSBC and Barclays and local firms like 360 One WAM Ltd.

SBI appears to be Vying for a share of India’s growing wealth management market. A recent report by the Boston Consulting Group noted that India generated a record $590 billion in new financial wealth in 2023, presenting a significant opportunity for SBI and its competitors. Private lenders like ICICI Bank and Axis Bank have already made significant inroads into the wealth management sector, and State Bank of India will need to innovate and adapt to stay competitive. By expanding its wealth management capabilities, State Bank of India aims to tap into this growing market and solidify its position as a leading financial services provider.