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According to the news collected from the "Business Standard" ICICI Bank is planning to focus on financial planning.

ICICI Bank is assuming newer roles that range from raising IPOs to advising on family matters like inheritance of wealth. For the last two to three years the bank has been consistently growing at 65-70 per cent in the private banking segment.

There are about 1 lakh households in India with wealth more than $1 million. Out of this, ICICI Bank has 1,500 customers in the bracket.

According to Anup Bagchi, head, global private banking, ICICI Limited, customers in the Rs 1-5 crore segment need advice on financial planning, in keeping with their needs, rather than wealth management.

For wealth management, which essentially pertains to people with more than $1 million wealth, the bank has a recruited a specially trained wing of professionals.

The bank had many a times played a role of an advisor for high net worth individuals (HNI) uncertain about the caliber of their successor, he said.

Bagchi said ICICI helped small and medium entrepreneurs in establishing businesses.

“To grow the business, the SMEs need credit, which we provide. Once the business grows we help them in finding private equity partner, followed by an IPO. Thus we carry the whole cycle for the company,” he said.

Bagchi further said with Asian markets booming, investors prefer wealth exposure to the Asian markets rather than to the European and Asian markets.

David Peter

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