The Hindu Business Line : CUB to offer wealth management

Chennai, March 27 City Union Bank has announced the launch of Wealth Management Services for its clientele. Other services such as online trading in shares, debit cards from VISA, online utility payments and travel bookings will commence shortly.

Shri N. Kamakodi, Executive Director, City Union Bank Ltd, said that the service was being targeted at its ‘middle-class and reasonably affluent’ customers, rather than high networth individuals.

He said that the service would be extended to semi-urban and rural areas, which are currently not getting such services.

The bank is using the services of Wealth Advisors India Ltd to offer mutual fund products to their customers. The distribution will be done by the Bank’s own staff.

Mr Kamakodi said that the bank hopes to get 1one lakh customers and earn Rs 1 crore from this product by the end of the next fiscal.

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