ICICI Bank, which is witnessing 65-70% growth in its private banking business, is planning to hive it off into a separate division of the bank.
Briefing the media in Mumbai on Monday, Anup Bagchi, senior general manager and head, global private banking of the bank said, ?Right now, we are operating through all the branches of the ICICI Bank and we have got private banking zone at 15-20 centres keeping in view the ever-growing business. We want to make it a separate division in days to come.? He said that the bank had recruited 450 relationships managers for the private business. ?We have also roped in sensors in various parts of the country that help us in identifying our potential high networth individuals (HNI),? he said.
He said that India has become the second country after Singapore in the Asia pacific region, which includes the largest population of HNI having incomes more than $1million and it was growing at the rate of 18.3% per annum. ICICI Bank?s private banking division was doing well in countries like Canada, Gulf region, the UK and Singapore. When asked about the kind of products Bagchi said that these were getting popular among the HNIs.