SBI forms subsidiary to manage real estate
State Bank of India, has formed a subsidiary to manage group’s real estate and premises. SBI Infra Management Solutions Pvt Ltd (SBIIMS) will deal with functions such as project management, facility, transaction management, advisory services and implementation of policies.
At present, the real estate management, a non-core activity function, is being looked after by 1,100 officials of the bank including 200 technical officials. It made sense to create separate entity employing much lesser number of employees nearing about 400 to handle activity more effectively and efficiently, said SBI chairman Arundhati Bhattacharya in a statement.
The decision to incorporate separate entity is was taken to help the bank’s executives save time and focus on core banking services. Prior to the move, they were involved in managing this non-core business.