SBI gets new subsidiary firm to manage estate matters

Mumbai, March 11 (IANS) Public lender State Bank of India (SBI) on Saturday said it has incorporated a wholly-owned subsidiary firm - SBI Infra Management Solutions (SBIIMS) - to take care of its premises and estate related matters.

"The primary role of the new entity will be to handle transaction management and advisory services, project management, facility management and implementation of policies and initiatives," SBI said here in a statement.

"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," the statement said.

SBI Chairman Arundhati Bhattacharya said 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.

"SBI is having valuable properties under its possession since the days of Bank of Bengal," she said at the head office launch of SBIIMS here.

"We realised that the job of acquisition, construction and maintenance of owned and leased premises,... were being looked after by 1,100 officials of the bank including 200 technical officials," Bhattacharya said .

SBIIMS will have its circle office in each local head office centre of SBI and about 100 zonal offices at administrative office centre on pan-India basis.

Initially this subsidiary will look after work related to premises and estate of SBI group only, it said.

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