ICICI eyes 65-70 pc growth in private banking space

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Mumbai, Sep 24 (UNI) Private banking major ICICI Bank is readying to grab a major pie of the USD 7.6 trillion personal wealth industrial space in the Asia-Pacific region.

Eying to sustain 65-70 per cent growth in the private banking space it achieved in last fiscal, ICICI would now focus more on real estate and unit based products apart from other fee-based products in insurance and mutual fund segments, said Anup Bagchi, head (private banking) of ICICI, today.

''The growing wealth base in the tier-2 and tier-3 cities has brightened the industry's prospects in the last few years, with a majority of customers now keen to use the tax efficient plans. On the other side, capital market is going to be the biggest driver,'' he said.

The bank was awarded the outstanding regional private bank (Asia Pacafic) award by global wealth management journal Private Banker International.

''In overseas, Gulf region is our strongest private banking space, while the UK operations are also doing well,'' said Mr Bagchi.

India's High Networth Individual (HNI) base grew by 18.3 per cent as compared to 7.6 per cent growth in China last year.

''The private bankers are poised for a reshape in their business strategies in order to keep pace and will have to focus on the changing perceptions of the investor,'' he added.

UNI

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