The largest lender of the country, State Bank of India is gearing up for entering into wealth management business this fiscal. The bank's move towards this end is an attempt to target the high net worth clients, an official of the bank said.
"We plan to introduce wealth management services in a phased manner in the current fiscal," SBI's Chairman, O P Bhatt said.
Alongside this plan, the banking major is also seeking a global partner for its merchant banking business which it aims to be run as a separate company.
"It is proposed to conduct the merchant acquiring business under a separate company with an experienced and reputed global partner," Bhatt said.
The bank also aims at setting up 6 lakh point of service (PoS) terminals in rural as well as urban areas of the country in the next five years, he added.
Presently, the SBI group has a network of 17,337 branches which includes 4,841 branches of its six associate banks.