New Delhi: The country’s biggest lender State Bank of India (SBI) on Sunday said it plans to enter areas such as merchant acquisition, pension fund management and general insurance to boost income.
While announcing the banks Q4 results, SBI Chairman O P Bhatt said on Sunday in Kolkata that the bank has identified new areas for diversification for which it had earmarked Rs 5,000 crore.
The bank planned to enter into the areas of private equity, infrastructure fund and venture capital and was in talks with various parties in this regard, informed Bhatt.
Speaking about plans to enter the general insurance sector, he said that the bank would approach RBI after identifying the overseas partner.
To a query, Bhatt said that SBI was open to acquisition of mid or large sized banks both in the domestic and overseas markets.
On the issue of merger of its seven associate banks with SBI, Bhatt said PTI that the need of the hour was consolidation.
He said that merger of the seven banks with SBI would catapult the entity into having the largest business volume as compared to all other nationalised banks put together.
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