Union bank to provide wealth management services for HNW clients

Now day’s banks are providing wealth management services to their high net worth customers. Working on this line Union Bank of India launched the wealth management services for its high networth clients, which will provide a wider range of solutions to its customers.

Bank’s Chairman and Managing Director, M V Nair launched the service.

For providing this service the public sector lender has signed up with Wealth Advisors (India) Pvt Ltd, a leading company in the wealth management space headquartered at Chennai.

Nair said there has been increase in the number of customers because of speedy growth in the economy therefore demand for wealth management services are constantly increasing.

"In fact, India is one of countries where the growth in the high networth population is in double digits and it is expected to grow at around 15 per cent per annum for the next decade."

As per the reports of World Wealth Report published by Capgemini and Merrill Lynch, in India there are around 123,000 people with a net worth of $1 million.

"At present the bank has more than 500 high net income clients in the twin cities (Hyderabad-Secundarabad) and the number is expected to grow multi-fold," Nair said.

"As a part of our re-branding strategy under a new logo, we have promised our customers to deliver value for money," he said. He further added that the launch of wealth management services is a step towards fulfillment of this promise.

He said the solutions on offer will include financial planning, asset allocation and investment management.