Bangalore: Union Bank of India has tied up with Edelweiss Securities Ltd, and Wealth Advisors India (P) Ltd to offer wealth management services (WMS) to high net worth clients.
“Edelweiss would take care of the bank’s east and west zone clients, while Wealth Advisors would see north and south zone ones,” UBI Executive Director T Y Prabhu said.
Initially, the WMS was being launched in Mumbai, New Delhi, Kolkata, Chennai, Bangalore and Hyderabad.
UBI expects to cover 500 to 600 high networth individual (HNI) clients under this new initiative by March next year. It happened after the bank realised that it is losing market share in the high networth segment.
“At present, the bank has more than 25,000 HNI clients and expect the number to grow multi-fold due to various transformation that have been initiated in its system,” Prabhu told reporters.
“The growth of the economy and growth in the number of high net worth customers of the bank, has given great opportunities to the bank to offer WMS to its customers,” he said.
Mahadevan V, Director and CEO of Wealth Advisors, part of the J V Gokal Group, said: “With the emergence of diversified asset classes and significant growth in wealth information, we see a great potential demand for such specialised offerings in India going forward.”
According to Bank officials, the target clients for WMS are those with the capability to maintain a total liability relationship with the bank in excess of Rs10 lakh and NRIs having good financial background and high liquidity generation capabilities, among others.