As the drive to recruit more talent continues, it is a reminder that India is seeing something of a battle for experienced bankers who are able to serve a rising, and increasingly prosperous, middle class.

India’s Axis Bank is hiring 50 senior private bankers and plans to launch investment funds from Gujarat International Finance Tec-City (GIFT), the new financial hub in the country, taking advantage of a rise in India’s affluent population, The Economic Times (of India) reported yesterday. 

India’s third-largest private bank is expanding its private banking and wealth management footprint, the report said. (The article referred to an earlier report by Bloomberg late last week.) 

“We have now expanded to 52 cities from 30 last year to tap the growing wealth in tier 2 cities and beyond," Anika Dixit, head of wealth management for Axis Bank, was quoted as saying. WealthBriefingAsia has contacted Axis Bank for further details; it may update this report in due course.
 
The lender is recruiting for its private banking arm, called Bergundy Private, which employs about 250 bankers, the publication said, citing Axis Bank’s annual report. The story comes at a time when several international banks have targeted India’s affluent and HNW population. In April 2025, for example, UBS entered into an exclusive strategic collaboration with Indian wealth manager 360 ONE WAM. Banks such as LGT, HSBC, Standard Chartered, DBS, and others have established or expanded operations. (See this story, for example, about LGT and its hiring drive.)

The news report added that at the end of September, Axis Bank managed about $71.4 billion in assets under the Burgundy masthead. Burgundy Private serves 15,250 ultra-HNW clients. In September 2024, Burgundy Private said it expanded its wealth management services to 15 new cities, taking the total to 42.

Such moves to recruit more bankers have caused something of a war for talent. In July, Aon in India was quoted saying that experienced relationship managers were landing salary hikes of as much as 40 per cent. Newer wealth management firms offered bankers 50 per cent or more of the revenue they generate.

Axis Bank's Burgundy Private business has raised its profile in a number of ways. For example, in February this year, Burgundy Private and Hurun India – which produces "rich lists" – launched the 2024 Burgundy Private Hurun India 500, the fourth edition of the list of India's 500 most valuable companies.