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Foreign banks in the country are catching on the popularity of art-work among wealthy Indians to market their private banking products. The lenders are exploring ways to use art for expanding their high net worth client base.
Consider this: DBS Bank is hosting a nine-day exhibition of paintings by eminent artists at its Kolkata branch in association with Mirage Art Gallery. While the event will showcase works of 20 artists including Jogen Chowdhury and Wasim Kapoor, it will also provide the bank with an opportunity to promote its wealth management proposition DBS Treasures.
"DBS Bank is conducting this event to create awareness about our exclusive proposition on DBS Treasures. This proposition caters to high net worth individuals and ultra-high net worth individuals. This segment we cater to relates with lifestyle events like art exhibitions, hence, this endeavour," Anindya Paulchaudhuri, vice president and head of consumer banking group at DBS Bank's Kolkata branch, said.
Standard Chartered Bank, the largest foreign lender in the country in terms of branch network, has held art themed experiences in the recent past. These exhibitions included creating installations at a top notch location and 'by-invitation-only evenings' at noted art galleries.
The bank believes that such seminars make an interesting format for its wealthy clients. Standard Chartered Private Bank will shortly present a by-invitation-only online art auction in partnership with Astaguru. Almost 150 works of noted Indian artists will be up for auction.
According to bankers, while art works may not still be a popular investment product, exhibitions showcasing them allow banks in finding new customers.
"In India, art is still not a popular investment option. But art exhibitions allow banks to showcase their wealth management products and help them in new customer acquisition," said a former banker who was heading the wealth management business of a foreign bank.
Deutsche Bank has kept over 250 Indian and international modernist art work across the two floors of its corporate office in Bandra-Kurla Complex (BKC), Mumbai. The bank plans to begin a regular 'art walk' later this year to treat clients and guests to a guided tour of this art collection, with commentary from an art historian.
The bank also hosts every year an 'evening of art' that showcases works of experienced and new artists.
