As a part of our mission to provide the entire gamut of financial services across India, the State Bank Group, through its various subsidiaries, provides a whole range of financial services, including Life and General Insurance, Merchant Banking, Trustee Business, Mutual Funds, and Credit Card, among others.

Across the whole group of subsidiaries and JVs, we are able to take on opportunities of size and complexity and successfully lead entities towards eventual value discovery. At all levels, across your Bank, our ventures continue to foster dynamic and long-term success for our stakeholders.

Our subsidiaries are exceptionally well positioned to address the market. Each one is shaped on the belief that customer experience is paramount. We are focused on leveraging the synergies of every entity to ensure efficient operational support. Consequently, we are using advanced technologies and other enablers to keep widening our bouquet of products on offer. Our CRM platform, IMPACT, is leveraging smart data mining and analytics for lead generation. Additionally, we have several best-in-class Joint Venture partners for various businesses, efficient processes, long term scalability, and high standards of Corporate Governance. With the success of synergised engagement with our customers, we expect to grow our cross-selling income by 50% in the near future.

One of our most successful subsidiaries to enter the capital markets in FY2018 was SBI Life Insurance, a joint venture between State Bank of India and BNP Paribas Cardif S.A. The successful IPO of this entity was a testimony to your Bank’s ability to spawn and nurture businesses that become leaders in their domain areas. The company currently has a market capitalisation exceeding ₹58,300 crore and is ranked as the #2 private life insurer in terms of Individual New Business Premium (NBP). In FY2019, the Company’s AUM recorded a growth of 21% reaching ₹1,41,024 crore. By leveraging its pan India reach through its network of 908 offices, SBI Life has systematically brought India’s under penetrated rural areas within its ambit.

Another stellar performer, SBI Cards is the second largest credit card company in India with a Card base of 82 lakh. In FY2019, the company’s Card base has grown by 32% YoY. During the year under review, the company launched a co-branded Card “Apollo SBI”, offering benefits on health and wellness services. It also launched the “SBI Doctors Card”, exclusively for doctors, in association with the Indian Medical Association. We are delighted at the prospects of making SBI Cards the next candidate for market listing in the near future.

Ranking #3 in India, with a market share of 11.59% in its AUM, SBI Mutual Fund is also a high performer within the group’s stable. Grew by 7.36% vis-a-vis industry growth rate of 3.66% for the FY2019.

SBI General Insurance is a strategic joint venture between State Bank of India and IAG Australia, in which State Bank of India holds 70% stake. The cornerstone of this company’s growth aspiration is focused on the Bancassurance channel, while developing other channels and products that meet its profitability and growth objectives. As of FY2019, the company’s market ranking stood at #13 in the industry and #8 among the private players.

SBI Capital Markets Limited is amongst India’s leading domestic investment banks. This subsidiary offers an entire bouquet of investment banking and corporate advisory services to a varied client base across three product groups - Infrastructure, Equity Capital Markets, and Debt Capital Markets.