Money & Banking

SBI opens 100th Wealth Hub in Coimbatore

Our Bureau Coimbatore | Updated on January 12, 2019 Published on January 11, 2019

The 100th SBI Wealth Hub, and the second in Coimbatore, was inaugurated by PK Gupta, Managing Director (Retail and Digital Banking), SBI.

With this, the number of such hubs has risen to 10 in Tamil Nadu (with eight located in Chennai and two in Coimbatore)

Briefing the media, Gupta said these hubs were located across 29 centres in the country.

The bank is targeting 50 more centres by 2020. SBI is looking at Madurai, Trichy, and Puducherry as potential centres for the launch of wealth hubs.

These hubs offer advisory services to 43,000 high net worth individuals, and the assets under management (AUM) is estimated at ₹24,000 crore. “We are aiming to increase the client base to 1.25 lakh with AUM of ₹1 lakh crore in the next year-and-a-half,” said Gupta.

On the issue of bank mergers, he said: “We believe consolidation of banks is good for the customers and employees.”

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Published on January 11, 2019
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