The Hindu Business Line : Centurion Bank to focus on wealth management

CENTURION Bank has decided to actively push its newly-designed wealth management services as part of a plan to reach out to more discerning customers. Its services will range from the simple distribution of investment products to tracking of clients' portfolios and provision of advisory services on the basis of their personal profiles. Equity broking will also be offered at a later stage.

The bank, which has already tied up with over 20 asset management companies, has recently formalised an association with Bajaj Allianz for life insurance. It is now making a foray into distributing non-life products, for which negotiations are being held with various general insurance companies.

Centurion Bank hopes to upgrade its wealth management service to accommodate the changing needs of customers, said Mr Harpreet Singh, who heads the service.

He added that insurance had been identified as a major component of its plan. The bank has started engaging trained people at all branches for easier customer interaction, he mentioned.

"We do not wish to be a mere product pusher. Customers need much more. We will try to add value on many fronts," he told newspersons on Monday. Increasing the number of ways a client can interact with the bank will be important in the days ahead, he felt. Centurion Bank (which will have 75 branches, thanks to the new licences awarded by RBI) hopes to expand the existing network to achieve its targets.

As for equity broking, the bank has started negotiations with a few leading broking houses through which its proposal will be implemented.

The names of these outfits are not being disclosed at this stage.

The bank, it is stated, hopes to raise Tier II capital in the near future as well as reduce its non performing assets.

Its CAR now stands at 9.51 per cent (as on September 30), while net profit has moved up to Rs 5.26 crore (up from Rs 1.94 crore posted in the corresponding period of last year).

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