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State Bank of India to open its first wealth management unit

People walk past the State Bank of India main branch office in Mumbai, India, on Monday, July 28, 2008. State Bank of India reported the slowest profit growth since 2006 and ICICI Bank Ltd.’s earnings fell for the first time in more than five years as rising interest rates led to more loan defaults and losses on bonds. Photographer: Prashanth Vishwanathan/Bloomberg News

Competition continues to intensify in India as the State Bank of India (SBI) is set to open the doors to its first wealth management unit in Bangalore. While the SBI has been offering wealth management services to its high net worth clients since 2010, the announced plan to venture further into this segment will translate to an increase in players…

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