India-based Axis Bank said it has formed a joint venture with Banque Privee Edmond de Rothschild Europe, a part of the LCF Rothschild Group, to start an asset management company which will provide investment advisory services for private banking and wealth management in India, according to various media reports.

The Indian company said the incorporation of the company will be subject to the approval of the Reserve Bank of India and other regulatory authorities.

BPER could not be immediately reached by WealthBriefing for comment on the matter.

Western-based private banks have been expanding into the Indian subcontinent, attracted by the region’s rapid growth in the number of high net worth individuals and a strongly expanding middle class.