SBI incorporates new entity to handle non-core businesses
- Pakistan justifies Hafiz Saeed release, says committed to UN sanctions regime on terrorists
- Rohingya refugees’ return to Myanmar will start in 2 months: Bangladesh
- Jindal Steel could win a slice of Indian Railways’ global tender for steel rails: report
- Isro to provide satellite transponders by March 2018 to monitor suspicious vessels
- London police find no sign of shooting after Oxford Street panic
Mumbai: Country’s largest lender State Bank of India on Saturday announced incorporation of SBI Infra Management Solutions Pvt. Ltd (SBIIMS) to manage its premises and estate related matters.
SBIIMS will be a wholly owned subsidiary of SBI.
The primary role of the new entity will be to handle transaction management, advisory services, project management, facility management and implementation of policies and initiatives, the bank said in a statement.
The incorporation of this entity will help in saving time of banks’ executives who were involved in managing this non-core business and they can focus on core banking services, it said.
SBI chairperson Arundhati Bhattacharya said the bank is having valuable properties under its possession since the days of Bank of Bengal. The job of acquisition, construction and maintenance of owned and leased premises, which is a non-core activity, were being looked after by 1,100 officials of the bank including 200 technical officials, she said.
“Hence, it made sense to create separate entity employing much lesser number of employees nearing about 400 who will handle premises and estate related officials more effectively and efficiently,” Bhattacharya said.
SBIIMS will have its circle office in each local head office centre of the bank and about 100 zonal offices at administrative office centre of the bank on pan India basis.