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SBI To Foray Into Wealth Management Business

State Bank of India (SBI) is planning to foray in to wealth management business in a phased manner in 2010-11.

SBI has already launched its financial planning and advisory services which guide customers on meeting their financial goals through a suite of products, including mutual funds, fixed deposits and insurance.

SBI is also planning to enter into the merchant acquiring business, as it sees huge opportunity in this secotor. The bank would install 600,000 point of sales (POS) terminals across the country over the next five years.

SBI is said to have roped in Visa and Elavon as partners for merchant acquiring business. The partners are expected to soon launch a separate company, in which SBI will hold majority stake.

According to SBI, its infrastructure fund in collaboration with Australia’s Macquarie Group and IFC Washington, has received commitments of $1.03bn, which includes its own commitments of $150m.