Private sector lender, Lakshmi Vilas Bank is aiming to set focus on the fast growing and lucrative HNI clientele'. The high net worth individuals (HNIs) have high growth prospectives.
In order to achieve this aim, the bank plans to join hands with another private sector lender.
The lender also aims to set up atleast five branches exclusively focusing on the HNI segment.
"When it comes to the ultra rich segment most banks product offerings are the same, the difference lies in the packaging of the product. We will offer the three in one product which combines savings, insurance and wealth management scheme," PR Somasundaram, MD and CEO of Lakshmi Vilas Bank said.
"LVB would be looking to tie up with a private bank for offering wealth management services to the high net worth individuals," he said.
The world wealth report 2010 published by Capgemini and Merrill Lynch Global Wealth management, there has been a big rise in the HNI segment of Indian population from 84000 in 2008 to 1,26,000 in 2010.
"A very small proportion of the adult population (0.4 per cent) owns more than $100,000 on average. However, this group has been increasing fairly quickly in recent years and the rate of growth is expected to rise in future if India's economy continues on its current trend," said a report by Credit Suisse Group AG.