Kotak Mahindra Bank has launched a major initiative to attract Indian clients with at least $1 million in liquid assets. The bank said that ...

Kotak Mahindra Bank has launched a major initiative to attract Indian clients with at least $1 million in liquid assets. The bank said that it already has around 2,000 clients in this segment, but aims to increase this to 3,000 by March 2006. "We are very aggressive in new client acquisition, which is important for business growth," said C. Jayaram, head of wealth management at the Mumbai-based bank, in an interview with a local newspaper. Apart from the usual products such as mutual funds, insurance and portfolio management, Kotak Mahindra said that it offers its wealthiest clients access to a real estate fund and a private equity fund. "Clients are clearly looking for more assets to invest in such as art funds, or commodities or gold. Internationally, all sorts of products are available, but in India, such products are not yet available," Mr Jayaram said. The bank said it also plans to develop its non-resident Indian client base through its international subsidiaries in London and Dubai, and is planning to open an office in Singapore in April 2006.