ndusInd plans wealth management foray

Urban Indians are getting richer and bank balances are growing like never before and it''s now this opportunity that banks are looking to cash in on. The Hinduja group owned IndusInd bank has become the latest bank to rollout plans to enter the wealth management business through the launch of separate company for asset management as a subsidiary.IndusInd will apply to the RBI for a wealth management license as early as this month and hopes to get the business up and running within the next 6 months.The subsidiary will be launched in partnership with a global partner, to be finalized within weeks. While IndusInd management declined to give names of potential partners they say it will be a brand well entrenched in the wealth management business.At the same time, IndusInd is expanding its reach in international markets through strategic tie-ups with international banks. In order to draw in larger NRI client base, which can then be offered a whole range of services including wealth management