News: ABN Amro seeks to expand Indian pvt banking
(BL 23/03/2006) New Delhi - The private banking division of ABN Amro Bank in India is hoping to see a major growth in business in the coming years. The division is hoping to more than double its client assets in the medium term from $800 million now.
"We handle assets of around $800 million in India. It is possible to grow to $2-3 billion in the next couple of years," Joster Avest, Executive Vice-President (Private Clients), ABN Amro Private Banking, told Business Line.
Avest heads the worldwide private banking initiative of the bank.
Prospects bright
According to him, the prospects of private banking in India are bright in view of the growing number of high net worth individuals (HNIs).
"The Indian economy is creating more and more wealthy people, many of whom are our potential clients."
He also said that the bank's private banking section provides a complete range of advisory services to HNIs to help them in financial planning.
"We assess the risk profile of our clients and the investment horizon they are looking for, on the basis of which we create a financial plan for them," he said.
The advisory services include guiding clients on taxation and legal issues.
Avest said that ABN Amro's private banking division handles assets worth $60 billion worldwide.
Most of his clients are drawn from existing corporate or retail banking relationships. However, there are others who come through referrals made by existing clients, he added.
HNI customers
Sutapa Banerjee, Senior Vice-President and Head (Private Banking India), said that the bank was looking to offer its private banking services from more cities in view of spread of HNIs across the country.
"HNIs are quickly spreading out to more and more cities. In the next 4-5 years, we want to offer the private banking services from 8-10 cities."
ABN Amro currently offers private banking services in India from its offices in New Delhi, Mumbai, Bangalore, and Chennai. Its private banking services in India commenced in 2002. According to Banerjee, the private banking services are being offered to around 600 groups, which include families, owner-promoters, and trusts.
The number of individual accounts within the 600 groups add up to 2,500.
"We handle assets of around $800 million in India. It is possible to grow to $2-3 billion in the next couple of years," Joster Avest, Executive Vice-President (Private Clients), ABN Amro Private Banking, told Business Line.
Avest heads the worldwide private banking initiative of the bank.
Prospects bright
According to him, the prospects of private banking in India are bright in view of the growing number of high net worth individuals (HNIs).
"The Indian economy is creating more and more wealthy people, many of whom are our potential clients."
He also said that the bank's private banking section provides a complete range of advisory services to HNIs to help them in financial planning.
"We assess the risk profile of our clients and the investment horizon they are looking for, on the basis of which we create a financial plan for them," he said.
The advisory services include guiding clients on taxation and legal issues.
Avest said that ABN Amro's private banking division handles assets worth $60 billion worldwide.
Most of his clients are drawn from existing corporate or retail banking relationships. However, there are others who come through referrals made by existing clients, he added.
HNI customers
Sutapa Banerjee, Senior Vice-President and Head (Private Banking India), said that the bank was looking to offer its private banking services from more cities in view of spread of HNIs across the country.
"HNIs are quickly spreading out to more and more cities. In the next 4-5 years, we want to offer the private banking services from 8-10 cities."
ABN Amro currently offers private banking services in India from its offices in New Delhi, Mumbai, Bangalore, and Chennai. Its private banking services in India commenced in 2002. According to Banerjee, the private banking services are being offered to around 600 groups, which include families, owner-promoters, and trusts.
The number of individual accounts within the 600 groups add up to 2,500.
posted by InCar Group Press Room at 22:58
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