Union Bank launches Wealth Management Services at Hyderabad

Hyderabad, Sep 9 (UNI) Public Sector Union Bank of India today launched the Wealth Management Services to its High Net worth (HNI) clients offering them a wider range of solutions to increase their investment portfolios here.

The Bank has tied up with Wealth Advisors (India) Pvt Ltd; one of the leading Chennai-based companies in the Wealth Management for the initiative and targets to launch the scheme in Chennai, Mumbai, Delhi, Kolkata, Pune and Ahmedabad. It had launched the scheme at Bangalore on August 18.

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 cent per annum for the next decade. As per World Wealth Report published by Capgemini and Merrill Lynch, India has 123,000 people with a net worth of One million dollors and registered a growth of 22.7 per cent over the previous financial year.

Commenting on the launch of Wealth Management Services to its clients Mr M V Nair, Chairman and Managing Director, Union Bank of India said "At present the bank has more than 500 HNI clients at Hyderabad and expect the number to grow multi-fold due to various transformations that have been initiated in its system.'' ''As part of our re-branding strategy under a new logo, we have promised our customers to deliver value for money. The launch of Wealth Management Service is a step towards fulfillment of this promise. The bank is moving towards being a " Financial Super Market." In this initiative, Union Bank has tied up with an established partner like WAI in the field to offer financial solutions to our customers,'' he added.

''The Wealth Management service in India is at a nascent stage and provides 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." The customers will be provided with entire spectrum of Wealth Management Services. The solutions proposed will integrate Income and Asset Protection (Insurance) as well as Wealth Creation and Preservation (Financial Planning, Asset allocation an Investment Management), which will ultimately facilitate in growing, preserving and transferring their wealth, he said.

The Bank had identified 25,000 HNIs customers across the country and targets to extend the services to 500 HNIs in the first year of the operations of the new scheme, Mr Nair said.

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