An India bank has ambitions to develop a wealth management operation in the next few months, a report said.

State Bank of India will venture into wealth management within this financial year, the Economic Times of India reported.

This is not the first time that there has been a news report of SBI’s wealth management ambitions – a Business Standard report in 2010 stated it intended such a move.

The bank is already competing with its private sector counterparts in digital banking and will now venture into wealth management. The bank is tapping talent through lateral placements as well. The ET report said McKinsey India, the consultancy, will advise the bank on the addition to its services. The chairman of the State Bank of India, Arundhati Bhattacharya, confirmed the development.

“We will be doing it within this financial year. Our wealth management services will be offered to different class of people (customers). Broad parameters are being finalised,” Bhattacharya was quoted as saying.

The report said that the bank is planning to recruit 40 executives for the proposed service, besides existing bank managers.

The bank would look outside its business for customers interested in the wealth management arm, preferably young professionals between 25 and 35 years old in order to build long-term relationships, the report said.