HDFC Bank Goes Mass On Wealth Management Services

Mumbai, July 25: | Updated: Jul 26 2002, 05:30am hrs
HDFC Bank has charted a roadmap for aggressive growth of its wealth management business by making its services available not only to high net-worth individuals, but also to the mass affluent salaried class. Explaining the rationale behind the move, HDFC Bank’s managing director, Aditya Puri, said: “The extension of this programme to a wider base of customers fits in perfectly with our objective of providing value by making exclusive services more accessible.”

Added the bank’s country head, equities and private banking group, Abhay Aima: “Within this fiscal we would like to double our revenues from wealth management services.” The bank currently has a customer base of close to 15,00 which takes investment advice from the bank. In order to build its customer base, the bank will increasingly look at cross-selling especially to its Gold credit card holders who will get a discount of up to 25 per cent on selected products. The wealth management programme will cater to individual needs taking into account various factors including age and risk profile of each customer. The options available include equity, mutual funds and debt instruments.

“The target customer base has been divided into three segments based on their needs, the first one being investors who delegate their investments with the bank, second are individuals who take active interest in investing, but seek advise from experts and delegate execution of trades with the third being customers who take their own decisions, but need timely research data and news. Our service is suitable for all the three,” says Mr Aima.