Axis looks to beef up affluent banking

The country’s third-largest private sector lender, Axis Bank, plans to ramp up its fledgling wealth management and private banking businesses and nearly triple the number of relationship managers over the next 12 months.

A late entrant into the high net worth individual space, the lender started its private bank around six months ago. “We want to be a serious contender in private banking, which is going to have the highest compounded annual growth rate over the next few years,” said Sonu Bhasin, president, Retail Financial Services, Axis Bank.

The lender has 15 relationship managers for private banking and 70 for wealth management, which is aimed at customers with a net worth of at least $100,000 (about Rs 46 lakh).

By March 2011, Axis Bank plans to have at least 35 relationship managers for private banking and 70 for wealth management.

“Since relationship managers for private banks are a rare commodity, we are also looking to tap people from within the bank,” said Bhasin.

The bank is being advised by Geneva-based Banquee Privée Edmond De Rothschild Europe (BPERE) on its private banking initiative.