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Bank of Baroda looks to ramp up wealth management business
October 04, 2022
State-run Bank of Baroda is hiring greater than 850 relationship managers and executives to strengthen its wealth management business because it seeks to faucet into the rising section throughout the nation.
The financial institution goals to practically triple its property beneath management (AUM) to over ₹85,000 crore, from ₹30,000 crore at current, within the subsequent 5 years by cross-selling to about 2,50,000 rich clients who have already got accounts with it.
Also, within the pipeline is a brand new wealth management vertical within the United Arab Emirates (UAE), the place the financial institution will service the big rich diaspora in that nation, mentioned Virendra Somwanshi, head, wealth management, Bank of Baroda.
“In the final couple of years, we’ve acquired in place merchandise, human assets and know-how throughout the highest 30 cities in India. We anticipate to break into the top-10 income incomes banks by means of mutual fund gross sales this fiscal and prime 4 in life insurance coverage gross sales,” mentioned Somwanshi.
The financial institution made ₹315 crore from the wealth management business in 2021-22 and expects to cross the ₹1,000-crore-mark in 2023-24.
Bank of Baroda is a small participant within the section, the place giant personal sector banks corresponding to Axis Bank and HDFC Bank have AUM of practically ₹90,000 crore every and state-run State Bank of India manages property of an estimated ₹1.3 lakh crore.
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