ICICI Bank rolls out private client group for wealth expansion
ICICI Bank on Wednesday said it will float subsidiaries for undertaking wealth management activities in Canada and other markets even as it rolled out ICICI Group Global Private Clients for those with net worth of $1m (€638,910) or more, according to a report in Business Standard, a Delhi-based publication.
The group, which was launched in Dubai last month, is aimed at tapping the rising number of dollar millionaires in India whose number is estimated at 100,000 at present. With the country’s economy growing at 8%, the number is going to rise in the coming years, ICICI Bank executive director V Vaidyanathan said.
The unit already has about 2,500 high net worth clients and has plans to add another 1,000 in a year, Vaidyanathan said. He said the plan is to add 100 relationship managers to the existing base of 250 and also spread globally to places such as London.
While a wealth management subsidiary is planned for Canada to comply with regulatory requirements, Vaidyanathan said, a similar route could be adopted in other countries too, if the need arose.
del.icio.us
Digg
Newsvine
reddit
StumbleUpon
