Swiss private bank Julius Baer is planning to accelerate the build-up of its Indian wealth unit, the bank’s local managing director and CEO Umang Papneja told in a Bloomberg TV interview.
According to Papneja, India’s wealth sector is currently valued at $600bn with a 12% annual growth rate.
However, just a quarter of that fortune is managed in a professional manner, he said, adding that nearly three individuals are daily becoming part of the 13,000-member group of Indians having a net worth of over $30m.
An increasing number of the affluent in India are vying for alternative investment products, he further noted.
Earlier, the wealthy primarily invested in fixed-income offerings and mutual funds.
“Julius Baer wants to be a part of that, and we are looking at aggressively ramping up the India business,” he added.
The Swiss bank has hired several private bankers towards reaching this objective.
Several banking majors are looking to tap the wealth market in India, the fifth-largest economy globally.
This includes HSBC, which is prepping up to re-launch its private wealth business in the country, which it considers a strategic market for growth in Asia.
The UK lender had exited India’s private banking space in 2015.
UBS and Deutsche Bank too are hiring private bankers to cater to the affluent in India.