Union Bank of India to start wealth management vertical, says MD & CEO Manimekhalai

Union Bank of India (UBI) It will open a separate wealth management division in the current financial year to attract and retain HNI (High Income Individuals) and NRI (Non-Resident Indian) clients by providing them with investment management services under one roof, according to A Manimekhalai, managing director and chief executive officer.

We have already appointed a general manager. We want to maintain the relationship with customers. “This is what we are trying to do with this wealth management sector,” said Manimkhalai.

“Now, we have about 14 crore customers. Out of this, around Rs 7 crore are active customers,” she said in an interaction with these active customers. Business line.

Central Bank of India And Bank of Baroda It is among the public sector banks that have a wealth management sector dedicated to wealthy clients. Wealth management usually entails providing investment management, estate and tax planning, among other things, by financial experts.

Customer retention

Manimkhalai emphasized, “Wealth management will ensure that we retain our customers. For example, our average product per customer is 1.67. Therefore, if we have wealth management service, we can provide more products.

“Customers do not need to go to any other asset management company or insurance company. They do not need to go to anyone else to buy financial products. We will have everything a client needs. His investment needs can be met through our platform.”

The Chairman of Bank al Etihad noted that the wealth management offering is very important to HNI and NRI clients.

They will be glad that someone gives advice on how to keep money and invest money. So, the relationship and bonding with the customer increases with this kind of offering.”