Mumbai: With a base of over a lakh customers, ICICI Bank will embark on a wider branding exercise for its flourishing private banking business, probably the biggest among Indian banks.
“We now have a base of over one lakh private banking customers and in a couple of months we start branding the division to help the new generation develop relatedness with the bank,” ICICI SGM Global Private Banking Anup Bagchi said.
Private banking involves specialised financial and investment advisory services for high networth individuals through relationship managers.
With top executives taking home fatter pay packets with employee stock options and small and medium enterprises on the accent, the growth has just begun.
Bagchi said the bank plans to double the number of relationship managers which explains the inherent demand from the sector.
Apart from the four metros, cities with large industrial activities like Pune, Nasik, Banagalore and Chandigarh too were offering private banking opportunities.
In the months to come, ICICI will develop special lounges for its private banking customers in 20-25 metopolitian and bigger cities.
“The lounges are a way to provide the aspirational value to the customers, who have had a long association with the bank,” Bagchi said.
ICICI Bank has profiled its private banking customers in three categories of banking engagement to the tune of Rs 10 lakh to Rs one crore, Rs one crore to Rs five crore and Rs five crore and above.
“We are witnessing a trend of a large number of customers of Rs 1-5 crore migrating to the higher threshold of over Rs 5 crore. We are planning to double our managers for the highest category customers,” Bagchi said.
Among customers, the SMEs offer a longer and more complex private banking relationship due to the dynamic nature of its growth, he added.
“ICICI bank has about a million SME clients, a fraction of which are now our private banking customers,” Bagchi said.
In a bid to add more value to HNI customers, ICICI Bank has started a ICICI Private Banking Golf Tournament and is holding knowledge seminars across the country.