From correspondents in Andhra Pradesh, India, 08:03 PM IST

Union Bank of India announced the launch of Wealth Management Services to its High Net worth Clients at Hyderabad today. The Bank has tied up with Wealth Advisors (India) Pvt Ltd; one of the leading companies in the Wealth Management space and Headquartered at Chennai for this initiative. With this offering the Bank plans to offer a wider range of solutions to its customers.

With the rapid economic growth the number of customers who look for Wealth Management services is constantly on the rise. In fact, India is one of countries in the world where the growth in the High Net worth Population is in double digits and it is expected to grow at around 15% per annum for the next decade. As per World Wealth Report published by Capgemini & Merrill Lynch, India has 123,000 people with a net worth of $1 million and registered a growth of 22.7% over the previous financial year. The Bank launched its Wealth Management Services offering to its clients at Bangalore on the 18th of August 2008.

Commenting on the launch of Wealth Management services to its clients Mr. M.V. Nair, Chairman & Managing Director, Union Bank of India said, “At present the bank has more than 500 HNI clients at Hyderabad and expect the number to grow multi-fold due to various transformations that have been initiated in its system. As a part of our re-branding strategy under a new logo, we have promised our customers to deliver value for money. The Launch of Wealth Management Service is a step towards fulfillment of this promise. The bank is moving towards being a “ Financial Super Market”. In this initiative Union Bank has tied up with an established partner like WAI in the field to offer financial solutions to our customers. The Wealth Management service in India is at a nascent stage and provides ample opportunity for growth in the coming years. This initiative will go a long way in establishing Union Bank as a provider of total financial solutions to its customers.” The customers will be provided with entire spectrum of Wealth Management Services. The solutions proposed will integrate Income & Asset Protection (Insurance) as well as Wealth Creation and Preservation (Financial Planning, Asset allocation & Investment Management), which will ultimately facilitate in growing, preserving and transferring their wealth.

Commenting on the tie-up with Union Bank of India, Mr. V. Mahadevan, Director and Chief Executive Officer, Wealth Advisors (India) Pvt Ltd, said, "We are happy to be associated with Union Bank of India to offer wealth management solutions to the bank's customers in Hyderabad. Wealth Advisors specialises in offering solutions with strong focus on research. We will offer comprehensive solutions and service to the customer of Union Bank of India in the area of wealth management through this tie-up. With the emergence of diversified asset classes and significant growth in wealth formation, we see a great potential demand for such specialised offerings in India going forward. And with Hyderabad emerging as the next IT and ITeS destination after Bangalore, coupled with the state's continued efforts to position itself as a health tourism centre, there is good scope for higher levels of earnings and savings in the longer term."

Source: Press Release Distribution via India PRwire