As head of many consortia, top bank wants to ring-fence investment banking, advisory services
Mumbai, September 13:
As the leader of several lending consortia, State Bank of India, through its investment banking arm SBI Capital Markets, is looking at setting up a unit to house insolvency resolution professionals (IRPs), who will take charge of the problem accounts to ensure that a turnaround or liquidation happens in an orderly manner.
The move comes in the wake of bank consortia proceeding against some 60 large accounts under the Insolvency and Bankruptcy Code (IBC) to recover loans of about 4 lakh crore.
Varsha Purandare, MD and CEO, SBICAP, said that forming a subsidiary to undertake activities relating to corporate i…
Read the full article at: http://www.thehindubusinessline.com/money-and-banking/sbi-arm-plans-independent-unit-for-insolvency-resolution/article9857951.ece
