The State Bank of India is in talks with Microsoft Corpora- tion for a possible alliance for its proposed foray into the information technology business.
When contacted, Microsoft India country head Sanjay Mirchandani confirmed that Y Radhakrishnan, SBI deputy managing director, met Bill Gates at Delhi, when the latter came to India recently. However, he refused to divulge the details of the meeting.
Banking sources also mentioned that SBI is negotiating with a number of other information technology players.
However, if the deal comes through, a global leader would partner a leading Indian bank, and together emerge as an extremely strong player in technology solutions for the banking industry.
SBI has been scouting for strategic partners and has plans of investing Rs 300 crore in developing its IT business.
The bank would form a separate subsidiary for its infotech business. SBI chairman G G Vaidya had earlier indicated that the strategic partner could be given equity stake in the IT subsidiary.
KPMG Consulting was engaged to conduct a study, and it has already chalked out a detailed business plan for the bank. Vaidya had earlier hinted that the bank would come out with a final plan by the end of September.
SBI
