Indian bank ICICI has said it will expand the wealth management activities of its newly-launched ICICI Group Global Private Clients, according to local media reports.

The unit is initially aimed at tapping the rising number of US dollar millionaires in India, estimated at 100,000 at present. With the economy growing at 8 per cent, the number is going to rise in the coming years, ICICI Bank executive director V Vaidyanathan said at a press conference.

The unit, launched in Dubai last month, already has around 2,500 clients and has plans to add another 1,000 high net worth clients in a year, Mr Vaidyanathan said. The plan is to add 100 relationship managers to the existing base of 250 and also spread globally to places such as London and Canada, where the bank has major operations, he said.