The Hindu Business Line : ING Vysya plans to launch private banking in Pune

ING Vysya Bank is all set to kick off private banking operations in Pune and is planning to set up an office within a few months to offer wealth management services to high net worth individuals.

The bank, which has a portfolio of an estimated 500-600 high net worth clients to whom it offers private banking services, is also firming up plans to start private banking operations in Hyderabad and Chennai before the end of 2005, according to Mr Steven Billiet, Country Head (Private Banking).

He said that with high net worth individuals now looking for wealth management services, an entire gamut of investment options is available to them, including investing in art.

"Art as a form of investment has recently emerged as a trend in India, with more and more investors now looking at art to add to their portfolios."

The bank itself has been sponsoring art events with a number of art galleries and buying art at these events for over a year now. "It could eventually turn into good investments for us."

Mr Billiet was in Pune to announce the bank's association with art enthusiast, Ms Getanjali Kirloskar, who has initiated the Pune Art Show that is designed to popularise art and bring contemporary Indian art to the city.

ING Vysya will sponsor the first of a series of art lectures that will take place under the Pune Art Show umbrella.

"We hope to sponsor a series of art events in the city," Mr Billiet said.

Meanwhile, ING Vysya is also looking at other emerging investment opportunities in India, especially real estate.

Internationally ING has one of the largest real estate management companies and ING Real Estate is looking at India as a possible destination, said Mr Billiet.

"There are no specific plans but we cannot ignore the Indian real estate market because a lot is happening in it."

He added that ING would probably look at securitised real estate options such as property or real estate funds.

"At some point we could probably be advising our private banking clients on investing in real estate."

Meanwhile, the Pune Art Show is gathering momentum. Ms Kirloskar said that 60 per cent of the work exhibited at last year's event, featuring 46 artists, and carrying price tags between Rs 70,000 and Rs 1,20,000, were sold out.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Infosys may start hedging euro earnings

Exporters facing risk of unhedged euro exposure

Rupee gains; gilts listless

HSBC group to invest $50.6 m more in India

SSI clients of UCO Bank to be rated by Crisil soon

ING Vysya plans to launch private banking in Pune

Mobile top-up at 500 ATMs of Oriental Bank

IDFC offers to refinance SEB dues to PFC\REC
But says discoms must be privatised

Beginnings of an independent central bank

`Collective bargaining key to protect labour interests'

Yes Bank lists at 44 pc premium