Thai bank Kasikornbank has launched Signature Private Banking in a move to target high net worth clients with a minimum of around $1.5 million in deposits, according to Banking Business Review.

The bank currently provides services such as portfolio advice and private fund management, along with personalised offerings such as secretarial services, healthcare and travel information.

Tawith Thanachanan, senior vice president at Kasikornbank, was quoted as saying that  rising economic risk from inflation and volatility in the Thai stock market has increased the demand for financial advisory and investment services. The bank aims to generate two billion baht ($60.3 million) in revenue during the year and expects assets under management for Signature Private Banking to reach 270 billion baht ($8.1 billion) by year-end 2008.

Mr Thanachanan said that Kasikornbank has 2,000 Signature Private clients. Currently, 14 relationship managers are dedicated to these clients' accounts. However, the private banking team is likely to increase to around 20.