The high net worth segement of Indian-based ICICI Bank — comprising both global private clients and wealth management — will see a 50 per cent growth rate in 2008-09, Mr Vivek Kanwar, head of global private client domestic, said according to a report by Business Line.

“We have seen a growth of 50 per cent on a year-on-year basis and are likely to witness a similar trend this year as well,” he was reported as saying.

Though the bank has experienced good growth potential across various regions, Mr Kanwar said the southern regions — particularly cities such as Bangalore, Hyderabad and Kochi — offer good potential. ICICI would strengthen its wealth management team in these areas so as to tap the potential.

The sub-prime crisis has had little impact on the bank’s wealth management business. However, it has helped boost the demand for certain capital guaranteed structured products. “The sub-prime crisis has not had any major impact on our business. In fact we are using this opportunity to offer capital guaranteed structured products to our clients,” he said.

According to Mr Kanwar, real estate, art funds and gold exchange traded funds are the key drivers of the business. The corporatisation of the Indian film industry also stands to offer a potential market for wealth management, he said.