To manage its properties, SBI to float a subsidiary

Country’s largest lender State Bank of India (SBI) is finalising plans to set up a subsidiary for managing its large portfolio of real estate properties and those taken on lease or rent.

“SBI is planning to set up a subsidiary for management of properties owned by it and also for those taken on lease or rent,” a senior official of the bank told PTI.

The subsidiary would eventually take over these properties after it was formed, the official said.

Some of the big properties of the bank included Samriddhi Bhavan in Kolkata, the birthplace of the bank, which also houses the Local Head Office (LHO) of the Bengal circle.

Others prominent ones included the Bengal circle’s CGM bungalow at Shakespeare Sarani in Kolkata, chairman’s bungalow and corporate office in Mumbai, the official said.

The subsidiary was expected to be formed in the next financial year.

Presently, the bank was collecting data for listing these properties.

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