UK-based financial sevices major Barclays Group is set to launch its private banking business in the country by year-end, a top company official said.
"We expect to start wealth management business by the October-December quarter. A yet-to-be-tapped emerging cluster of rich clients in the HNI and UHNI segments, offer tremendous opportunity for wealth managers in India," Barclays Wealth India's Chief Executive, Satya Bansal told reporters on Monday.
The group had earmarked $400-million to fund its expansion in the private banking business globally, two years back.
The group has already hired 57 professionals for its Indian operations and plans to enhance the staff strength to nearly 100 within the next six months, Bansal said.
In the initial phase, the private banking team will operate from Mumbai but has plans to expand presence to other centres like Chennai, Kolakata, Banglore and New Delhi, Bansala said.
"Our private banking clients primarily include SMEs and top executives who have investable assets and seeks better wealth management options. The offering is not meant for the mass affluent segment," Bansal said.
The group, which commenced its retail banking operations in the country early last year, aims to tap the under-penetrated Indian HNI market, which has an estimated $50 billion investable assets excluding the core promoter holding, Bansal had said.
