Abn Amro To Unveil Services For High Net-Worth Clients

ABN Amro will launch private banking services for high net-worth clients, comprising resident and non-resident Indians (NRIs) from June.

Jan Peter Schmittmann, senior executive vice-president (new growth markets & private clients), said, "With this launch, we are now present across all segments: wholesale, consumer, commercial and private clients. We are committed to expand our global expertise in private banking, which is a thrust area."

The threshold for being a private banking customer is Rs 75 lakh. The target clientele includes high net-worth individuals; non-individuals such as trusts, non-government organisations, clubs and associations, corporates, pension and provident funds.

Sutapa Banerjee, vice-president and head (private banking, India), said, "The bank will offer a comprehensive range of investment advisory services along with a transaction-execution platform, complemented by personalised banking services."

"There are only 2 or 3 serious players in the market. If we can build up the customer-base to 500-600 during the next 4 or 5 years, it will be a large base. Compared with some other players in this segment, we can offer a comprehensive range of services through our subsidiaries," said the bank's executive vice-president and country representative, Romesh Sobti.

The bank has different subsidiaries which will take care of the different customer needs: ABN Amro Securities Asia Equities (India) Ltd, ABN Amro Securities (India) Private Ltd, and custodial services.

The bank has about 2.5 lakh to 4 lakh retail customers with accounts between Rs 3.5 and Rs 5 lakh. "We plan to have a retail mass of around 2 million customers in 3 to 4 years. The debit and credit card services, which will be launched by the middle of the year, will give us momentum and will be the engines of growth," said Sobti.

He added that in the next three to four years, the bank will be looking at an equal mix from retail and wholesale segments.

The bank has opened a subsidiary ABN Amro Central Enterprise Services (ACES) that offers back-office operations in trade services to other countries. The unit has around 100 employees. A back office for Indian operations is also being opened in Mumbai in the third quarter this year.