The Hindu Business Line : IndusInd Bank plans subsidiary for wealth management

NEW TIE-UP: Mr Bhaskar Ghose (right), Managing Director & CEO, Induslnd Bank, and Mr Shachindra Nath, Group Chief Operating Officer, Religare Enterprises Ltd, at a press conference in Mumbai on Tuesday. — Shashi Ashiwal

Mumbai June 12 IndusInd Bank may set up a wealth management subsidiary and hopes to tie-up with an overseas player for the same.

"We have a comfortable capital adequacy ratio of about 12.54 per cent and we can look at setting up a subsidiary. We may partner an overseas entity and will soon apply to RBI for permission," said Mr Bhaskar Ghose, MD and CEO, IndusInd Bank.

"We have a sizeable client base of NRIs and Indian residents who are high networth individuals or mass affluent customers. The wealth management business will benefit these customers," he said.

Mr Ghose was talking at the press conference for a tie-up between the Ranbaxy Group promoted Religare, a financial services provider, and the bank.

According to the tie-up, the bank will provide a 3-in-1 offering for the bank's savings account customers with a savings and a DP account from the bank along with an Internet trading account from Religare.

Initially, Religare will provide Internet trading platform to the bank's customers eventually followed by the entire spectrum of Religare's services.

"Our tie-up with IndusInd bank is in line with our strategy to reach out to more number of customers," said Mr Sunil Godhwani, CEO and Managing Director, Religare Enterprises Ltd.

"The move will contribute to our non-interest income," said Mr Ghose.

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