UBI ties with Edelweiss, Wealth Advisors

{image-union bank of india-logo_18082008.jpg news.oneindia.in}Bangalore, Aug 18: Public Sector Union Bank of India today inked MoUs with private sector Edelweiss Securities and Wealth Advisors to offer Wealth Management Services (WMS) to its high networth individual clients. UBI Executive Director T Y Prabhu told newspersons after signing the MoU here that the bank expects to attract up to 600 High Network Individuals (HNI) customers under the new initiative.

"We felt we were losing market in the high networth space. We now have more than 25,000 such individuals and now we are confident of taking this number upwards by several counts by bringing in several changes in wealth management with the help of these tie ups," he said. Growth in the economy and increasing number of HNIs offers great opportunities to Indian banks to introduce wealth management services, he added.

While Edelweiss would take care of bank's customers in the east and Western Zones Wealth Advisors would operate in North and South Zones.

Wealth Advisors CEO V Mahadevan said the emergence of diversified asset classes and significant growth in wealth information had created great potential for such specialised offerings.

UNI