Strategy
Indian Bank Launches New Wealth Management Service
Chennai-based Indian Bank has launched a wealth management
advisory service to its high net worth clients, according to
local media reports.
The bank's chairman and managing director MS Sundara Rajan said
that the bank will start advisory services on a pilot basis with
five customer relationship managers. Each one will manage at
least 50 clients.
The bank plans to expand the services to other cities taking the
number of wealth advisors to 50. When the bank has around 2,500
clients for its wealth advisory services, it will move into
secondary and tertiary cities by recruiting relationship managers
externally.
The bank is looking to fund the new service by selling more
financial products like mutual funds and insurance to its
high net worth clients, rather than charging specifically for its
new wealth management advisory service.