(MENAFN- KNN India)
SBI opens its first startup dedicated branch in Bengaluru
Bengaluru, Aug 17 (KNN) With the aim of facilitate and support startups, the State Bank of India (SBI) has launch its first startup dedicated branch in Koramangala, Bengaluru.
The SBI chairman, Dinesh Khara on Tuesday said that this branch will act as hub to provide end-to-end services to startups. The branch will also cater to other needs of startups such as treasury solutions, wealth management and credit needs.
'After Bengaluru, the next branch we will be opening in Gurgaon and third one will be in Hyderabad, these are the three locations where startup activities are there and we will be covering them, we will do it in next six months,' he added.
The primary aim of this initiative is to provide end-to-end financial and advisory services to startups.It will leverage the large presence of the bank in the market by bringing the synergy among all the entities and various departments of the State Bank group to offer one-stop solution to these corporates and startups starting from the formation of the entity till IPOs and FPOs of the companies.
As per reports, besides the startups themselves, the branch would also be providing to all the requirements of the private equity (PE) and venture capital (VC) funds and the Alternative Investment Funds (AIFs).
The SBI branch has also entered into MOUs with the Karnataka government's initiatives like Karnataka Innovation and Technology Society (KITS) and Karnataka Digital Economy Mission (KDEM) to support the entire startup ecosystem in the state of Karnataka. (KNN Bureau)
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