New Delhi [India], Mar 11 : The State Bank of India (SBI) on Saturday announced the incorporation of SBI Infra Management Solutions Pvt. Ltd. (SBIIMS Pvt. Ltd.) - a wholly owned subsidiary of SBI to manage premises and estate related matters of SBI.

The new subsidiary will be responsible for handling transaction management or advisory services, project management, facility management and implementation of policies and initiatives.

The decision to incorporate separate entity is implemented to save time of banks' executives who were involved in managing this non-core business so that these executives can instead focus on core Banking Services.

"We realized that the job of acquisition, construction and maintenance of owned and leased premises, which is a non-core activity, were being looked after by 1100 officials of the Bank including 200 technical officials. Hence, it made sense to create separate entity employing much lesser number of employees nearing about 400 who will handle premises and estate related officials more effectively and efficiently," said Chairman SBI, Arundhati Bhattacharya at the launch.

SBIIMS will have its circle office in each local head office center of SBI and about 100 zonal offices at administrative office center of SBI on pan India basis. Initially this subsidiary will look after work related to premises and estate of SBI group only. (ANI)