Business Desk
Union Bank of India announced the launch of Wealth Management Services to its High Net worth Clients today. The Bank launched its service offering to its clients in Bangalore. The Bank has tied up with Wealth Advisors (India) Pvt Ltd; one of the leading companies in the Wealth Management space for this initiative. With this offering the Bank plans to offer a wider range of solutions to its customers.
With the rapid economic growth the number of customers who look for Wealth Management services is constantly on the rise. In fact, India is one of countries in the world where the growth in the High Net worth Population is in double digits and it is expected to grow at around 15% per annum for the next decade.
Commenting on the launch of Wealth Management services to its clients Mr. T. Y. Prabhu, Executive Director, Union Bank of India said “ 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. 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 Wealth Management services to its customers. In other words we are moving towards “ Finanical Super Market”. In this initiative Union Bank has tied up an established partner like WAI in the field to offer financial solutions to our customers. The Wealth Management service in India is at a nascent stage and provide ample opportunity for growth in the coming years. This initiative will go a long way in establishing Union Bank as a provider of total financial solutions to its customers.”
Commenting on the tie-up with Union Bank of India, Mr. Mahadevan.V, Director and Chief Executive Officer, Wealth Advisors (India) Pvt Ltd said “we are happy to be associated with Union Bank of India in this significant initiative to offer Wealth Management Solutions to the banks customers. Wealth Advisors India specializes in offering Wealth Management solutions with strong focus on research and will offer comprehensive solutions and service to the customer of Union Bank of India in the area of Wealth Management through this tie-up. With the emergence of diversified asset classes and significant growth in wealth formation, we see a great potential demand for such specialised offerings in India going forward”.
Union Bank of India, is one of the leading Public Sector Banks, with a network of 2518 outlets across the country and 20 million customers at over 1500 centres. At the end of June 2008, the bank had a total business mix of Rs 1, 83,058 Crs. The total Deposit amounted to Rs, 1, 07,248 Crores, while advances was at Rs 75,810 Crores.
The bank is aiming a business mix of Rs. 2, 20,000 Cr. as of Mar.’09. In the financial services space, it may be recalled that the Bank has recently formalised the Jt.Venture with KBC Asset Management NV, Belgium for setting up a Asset Management Company by signing MoU on 14th July, 2008, apart from promoting an Insurance company “Star Union Dai-ichi” along with BOI & Dai-ichi Mutual Life of Japan. Union Bank of India is also a distributor for more than 20 Asset management Companies in India and offers services of Demat accounts and Online Trading of securities across branches.
Wealth Advisors India, promoted by a group of professionals with track record of more than two decades in Financial Services and Wealth Management is specialized in offering Wealth Management solutions to HNI customers in India. With extensive research capabilities in the area of Wealth Management, Mutual Funds and Insurance, Wealth Advisors India offers its services to its clients both in India and abroad. Wealth Advisors India forms part of the J V Gokal Group, which has its businesses across 10 countries.
