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Thursday, February 19, 2015

Axis Bank to launch 'Burgundy' for HNI customers

Axis Bank will provide premium personalised banking services with dedicated managers to its affluent high net-worth individual (HNI) customers with preferential treatment with an intention to increase business from the segment.

The third largest private bank will launch ‘Burgundy’ to offer personalised end-to-end services across segments.

“The categorisation of this segment of clients will be entrepreneurs or self-employed people, senior salaried employees and small business owners. We are looking at a net salary credit of Rs. 3 lakh (per month) or an ARV (average relationship value) of Rs. 30 lakh across products,” Rajiv Anand, Group Executive and Head Retail Banking, Axis Bank, said.

The bank has 40,000 such HNI customers (of its total customer base of over 1.5 crore). “We expect to add about 100,000 (new customers) in about next 18 months.

At present, Axis Bank's total deposit base has a market share of 3.7 per cent. It is looking to increase the market share from the HNI segment alone to 3.7 per cent in the next 3-4 years, Anand said.

The bank will facilitate a certified and dedicated Burgundy relationship manager (RM) who has an average experience of eight years and will be an expert across services, including insurance, private wealth management, asset allocation, and equity management.

Around 230 RMs have already undergone a training for 30,000 manhours to provide services across 60 locations in Tier I and II regions.

“The people in this segment are rich on money but poor on time...We believe the affluent segment will grow much faster than the mass segment and therefore give them a differentiated product proposition,” Anand said.

The services will include Burgundy world debit card offering higher limits and better features, a complimentary personalised multi-currency forex card, flexible credit limits, preferential rates, and customised business solutions for business and capital raising requirements, among other services.

Axis Bank has also roped in film actress Deepika Padukone and her father and former badminton player Prakash Padukone for the new product.

Source : Thehindubusinessline


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