Union Bank eyes 35% rise in fee-based income

Union Bank of India is expecting to increase its fee-based income from commissions, remittances, gold and others by about 35 per cent this financial year from the Rs 900 crore last year, on the back of new products and marketing initiatives, said chairman and managing director MV Nair.

The bank on Tuesday launched its wealth management services for high networth individuals with Wealth Advisors India Private Limited (WAI). He said the bank has 25,000 high networth individuals with balances in the order of Rs 10 lakh. The services will be offered to customers investing about Rs 10 lakh without any fee.

 

The bank, with 20 million customers in 2,518 outlets, is aiming a business mix of Rs 2,20,000 crore as of March 2009 from Rs 1,79,000 crore in March 2008. Though it is offering mobile alerts now, it is waiting for the RBI guidelines for offering full-fledged banking services. It has already tied up with a service provider, Nair said.