JOIN US State Bank of India (SBI) has announced incorporation of SBI Infra Management Solutions (SBIIMS), a wholly-owned subsidiary of the country’s largest lender, to manage its premises and estate-related matters.
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 decision to incorporate separate entity is implemented to save time of banks’ executives who were involved in managing this non-core business, so that these executives can instead focus on core banking services, SBI said.
SBIIMS will have its circle office in each local head office centre of SBI, and about 100 zonal offices at administrative office centre of SBI on a pan-India basis. Initially, this subsidiary will look after work related to premises and estate of SBI group only, the bank said.
“SBI is having valuable properties under its possession since the days of Bank of Bengal. We realised that 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,” SBI Chairman Arundhati Bhattacharya said.
“Hence, it made sense to create a separate entity employing much lesser number of employees nearing about 400 who will handle premises and estate-related officials more effectively and efficiently,” she said.