State Bank of India (500112.BY) said Monday the bank and Societe Generale Securities Services have jointly launched SBI Custodial Services Pvt. Ltd. to offer securities services to institutional investors.

The partners expect the joint venture to do business of about $10 billion in its first year of operation, the state-run Indian bank said in a statement.

The country's largest bank by assets holds 65% of the joint venture, while French group Societe Generale holds the remaining stake.

-By Nupur Acharya; Dow Jones Newswires; +91-22-61456117; nupur.acharya@dowjones.com
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