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| SBI, Societe Generale custodial JV to target 10% share in 3 yrs |
| Press Trust of India / Mumbai Jun 05, 2009, 15:42 IST |
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State Bank of India(SBI) today said its proposed joint venture with Societe Generale for custodial services, likely to be operational by early FY'10, would target to acquire 8-10 per cent market share in three years.
"The business plan envisages a 8-10 per cent market share in domestic and global custody in three years," SBI said in its latest annual report.
SBI became the first public sector bank in India to enter into the area as it incorporated SBI Custodial Survives as its 100 per cent subsidiary.
Private sector lenders including ICICI Bank and HDFC are already there in this business offering custody, depository, fund administration, registration and transfer agent services.
SBI has also obtained Reserve Bank's approval for inducting Societe General Securities Services as a joint venture partner in this business, but is still awaiting for the nod of the Securities and Exchange Board of India.
"After receipt of approval from SEBI, the company would be converted into a JV with SBI holdings 65 per cent of the equity and the balance held by SGGS," it said.
"The joint venture company is expected to commence its operations early in the financial year 2009-10," the bank said, adding that the clients of the JV would mainly comprise FIIs, Domestic FIs, Mutual Funds, Pension Funds, etc.
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