The State Bank of India opened a Kohinoor branch for high net worth individuals here on Wednesday, the second in the State. It was inaugurated by Chief General Manager Rakesh Sharma at Ocean View Layout on the beach road.
The CGM told reporters that the first such branch, Kohinoor Banjara, had been opened in Hyderabad a year ago and it had so far mobilised Rs 500 crore in deposits and the advances amounted to Rs 150 crore. "We expect the branch here to mobilise Rs 100 crore by the end of the financial year," he said.
He explained that the USP of such branches was the specialised quality service offered to high networth individuals in view of their special needs. Customised banking solutions would be provided to the account-holders and a relationship manager would be attached to each customer. There would be 24-hour access to lockers with prior appointment, cheque/draft pickup and delivery facilities, and personal banker support for each customer.
He said the branch was furnished with a Dolphin lounge where the customers could relax and wi-fi connectivity would be provided for them to transact their business. There would be a range of e-products available to them. There was also a coffee bar and a dressing room for women customers.
He said the minimum deposit in the branch here was Rs 50 lakh and in Hyderabad Rs 1 crore. There was also a proposal to open the third Kohinoor branch in the State in Vijayawada in a year or so. "There is a great potential for such a branch there," he said.
In response to a question whether such elite banking was necessary, he replied that that it would not be possible to cater to the needs of such individuals in ordinary branches. "Therefore, if we do not open such branches, the private banks will grab them and we will lose a substantial chunk of business. We are expected to compete with the private banks," he said.
The CGM said that the SBI had so far opened 1,302 branches in Andhra Pradesh, and the bank had set itself the target of opening 107 new branches in the State during the current financial year, of which 28 had been set up so far.