• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

New Delhi, Aug. 28 Union Bank of India (UBI) has announced the launch of its wealth management services for high networth individuals (HNIs) in the National Capital Region (NCR).

For offering this service, the bank has tied up with Wealth Advisors (India) Pvt Ltd, which is a Chennai-headquartered company in the wealth management space.

Initially, the wealth management service would be offered to Union Bank customers with investible surplus of at least Rs 10 lakh, Mr B.L. Javeri, General Manager, UBI, said.

Interestingly, the bank will not levy any service charges on the customers for this service. “As far as the customer is concerned, there will be no levy of any service charges. It is totally free service to the HNIs.

From the bank’s point of view, this service offering without levy of charges is aimed at customer retention. If I am not giving this service, he would move to somebody else.

I am looking for long-term relationship with these customers,” Mr Javeri told Business Line here.

By strengthening the relationship with the HNIs through this service, the bank hopes that the HNI customer would opt for some more financial products of the bank along with the regular banking products.

While Wealth Advisors would be the partner for wealth management services offering in North and South, Union Bank, plans to tie up with Edelweiss for offering this service to HNI customers in Western and Eastern India.

Mr S.C. Sinha, General Manager, Union Bank of India, said that the bank has more than 3,000 HNI clients in Delhi and expected a multi-fold increase in the coming days.

More Stories on : Financial Services | Public Sector Banks

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

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line