ING Vysya Bank to build $1 billion business under private banking

27 October 2007

Chennai: The Bangalore headquartered ING Vysya Bank Limited has set itself an ambitious target of meeting $1 billion of assets under managing (AuM) under its recently launched private banking service.

Justifying the target Samir Bimal, country head, private banking said, "We have the platform for offering advisory on direct equity, derivatives, mutual funds, bonds, structured deals and real estate funds for wealthy individuals, families and institutions like trusts, small enterprises."

The bank would also target the Indians and people of Indian origin living abroad as their remittances are high.

The Dutch banking group has traditionally offered this service globally for several decades. The bank has over 70,000 customers and assets under management of over €60 billion.

Launching the private banking service in Chennai on Saturday Vaughn Richtor, CEO, said the country has good number of wealthy individuals and we look to service this segment.

Rolling out the service in Delhi, Mumbai, Pune, Bangalore, Kolkata the bank will launch the same in Hyderabad next week. One bank branch in each of these cities has been selected to offer the premium service.