Union Bank of India rolls out Wealth Management Services in Mumbai

State-controlled lender Union Bank of India announced the launch of Wealth Management Services for its High networth Individual (HNI) clients at Mumbai.

The bank has tied up with Edelweiss Securities Ltd, one of the leading companies in the Wealth Management space, headquartered at Mumbai, for this initiative.

Under the terms of the tie-up, Edelweiss will offer a whole range of wealth management products and alternative investment options such as Structured Products, Real Estate Funds, Art etc. to Union Bank's HNI clients besides equity and debt investments.

Presently, the services will be offered to customers investing at least Rs 10 lakh, without any fee at locations including as Mumbai, Pune, Ahmedabad and Kolkata.

According to sources, the latest agreement will not only help increase alternative investment avenues for Union Bank's customers, but also generate an additional fee-based income for the bank.

The bank, with over 2 crore customers at 2,518 outlets, is targeting a business mix of Rs 2,20,000 crore as of March 2009 compared to Rs 1,79,000 crore in March 2008.

Apart from these, the bank is also eying surge in its fee-based income from commissions, remittances, gold and others by about 35% this fiscal, from Rs 900 crore last year, on the back of new products and marketing initiatives.

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