India-based Axis Bank is reportedly planning to recruit 50 private bankers as part of its strategy to expand its wealth management operations. 

This move is driven by the increasing number of high-net-worth and ultra-high-net-worth individuals in India, reported Bloomberg. 

The bank’s private banking division, Burgundy Private, currently employs around 250 bankers, according to the latest annual report. 

Burgundy Private manages around Rs2.5tn ($27.4bn) out of the total Rs6.45tn ($71.4bn) in wealth assets managed by the bank, as of September 2025. 

The Indian lender serves 15,250 clients with investible assets of at least Rs50m, according to the Bloomberg report. 

Axis Bank wealth management and affluent banking head Arnika Dixit, in an interview with Bloomberg, said: “We have now expanded to 52 cities from 30 last year to tap the growing wealth in tier 2 cities and beyond.” 

In addition to hiring, Axis Bank is preparing to launch several funds from Gujarat International Finance Tec-City (GIFT City) early next year. 

These offerings include inbound funds for wealthy clients and non-resident Indians, using feeder and direct investment structures targeting India’s capital markets. 

The bank also intends to introduce outbound funds that will invest in global equities and structured products that are dollar-denominated. 

This expansion aligns with industry trends, as both global and domestic financial institutions are increasing their presence in India’s wealth management sector. 

HSBC Holdings, Standard Chartered, Uday Kotak’s private bank, and 360 One WAM are also expanding their operations to meet the rising demand. 

This growth has increased competition among wealth managers, boosting hiring activity, along with higher commissions, sign-on bonuses and other incentives. 

Axis Bank’s strategy reflects the wider movement within the industry to address the evolving needs of affluent investors in India, the report said. 

In August last year, Axis Bank, in partnership with Visa, launched Primus, a credit card intended for Axis Bank clients with exceptionally high net worth.