ICICI Bank launched financial solution for ultra- high class

ICICI Bank for years, country’s largest private sector lender in a bid to capture the fast growing Indian ultra-high class customer segment, has launched a novel financial solution. The bank said it aims to add over 1,000 customers in this space in 2008.

ICICI Bank's Executive Director V Vaidyanathan, in a press meet told reporters, "The bank would provide end-to-end financial solutions to cutsomers having a networth of above USD one million (around Rs 4 crore). The client-base in this segment is expected to grow to 3,500 from the present 2,500 by the end of this year."



He said the bank, will be offering to its customers solutions in alternative investments, structured notes, insurance products, corporate services, private equity investments and investment banking amongst others.

Vaidyanathan said at present, the bank's total client invested assets under management in the private banking portfolio stands at USD 26 billion and India alone contributes nearly USD 19 billion.

He further added that India, which has witnessed a robust economic growth over the last four years, has nearly one lakh people having wealth above USD one million. It is expected that the projected figure will grow by 20 per cent each year.