Bank, one of India’s biggest lenders, is forecasting growth of 65
to 70 percent annually. The bank already has 1,500 customers in the
$1 million net worth and above segment.
Its expansion will be driven by the continued surge in the Indian
stock market and rapid economic growth, according to ICICI’s
private banking head, Anup Bagchi. As a result, the headcount is
due to rise by 100 in the next six months from the present
350.
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However, ICICI admitted that, with foreign banks competing to win
high net worth Indian clients, it is facing rising defections of
its private bankers to its rivals, including chartered accountancy
firms trying to build their own wealth management propositions. In
some parts of the bank, the attrition rate has approached 25
percent.
ICICI plans to counter this in private banking and other divisions
by recruiting 20,000 to 30,000 students every year. “Being a part
of the services industry, shortages are bound to happen. High
attrition and rising wage costs are putting pressure on us,”
officials said.
ICICI has tied up with 80 management schools to run MBA courses in
private banking in order to increase its pool of relationship
managers. The new staff will also be used to tap the growing wealth
of business-people, particularly SMEs.
“To grow the business, SMEs need credit, which we can provide. Once
the business grows we help them in finding private equity partner,
followed then by an [initial public offering]. Thus we carry the
whole cycle for the company,” bank officials said.
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By GlobalDataING Vysya Bank sets goals
ING Vysya Bank, in which ING has a major stake, has set itself the
target of reaching $1 billion of assets under management under its
new private banking service. “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,” said
bank officials.
