ABN Amro said it will boost its private banking operation in India by more than doubling its assets under management over the next two years...

ABN Amro said it will boost its private banking operation in India by more than doubling its assets under management over the next two years. The bank has recently increased its staff in the region as part of a push into Asia. ABN Amro’s private bank currently has around $1 billion under management in India. This will increase to $2-3 billion over the next two years, the bank said. The number of employees working for ABN’s private banking business in India has increased to 50 from 30 so far this year. The bank has increased it private banking staff in Asia from 250 in 2005 to 400 at present. ABN Amro private bank also plans to set up specialised centres across the country’s smaller towns and rural areas, to tap into India’s disparate high net worth individuals. Less than 10 per cent of India’s HNWIs are believed to have been tapped by banks. ABN Amro currently has four centres for managing its private banking business, and plans to have at least 10-12 such centres over the next two to three years. The bank's focus will be on the northern, western and southern states of the country.