The Hindu Business Line : UTI Bank rolls out priority banking lounge

UTI Bank on Saturday rolled out its first priority banking lounge in Pune. The bank would be introducing this facility in four more places in the country by the end of the current fiscal, Mr S. Chatterjee, Executive Director, UTI Bank, told presspersons here.

By January, this facility would be available to customers in Mumbai and Kolkata and by the end of the current fiscal, it would be opened in either Bangalore or Hyderabad, the location is yet to be decided, he said. After which it would be rolled out in Chennai and New Delhi.

He said the lounge was an innovative concept wherein priority banking services would be displayed on an experimental basis.

It will be of a boutique banking branch for high networth customers offering a one-stop shop for their banking and investment needs. Earlier, the bank had entered into the wealth management sector and followed it up with priority banking and had recently entered the private banking segment.

Mr Chatterjee said the primary product that would be promoted at these lounges/branches would be the priority banking account. However, other products such as wealth advisory service, credit cards, loans (personal, auto, home etc) would also be offered.

Customer segmentation is based on who have deposits in the range of Rs 7-10lakh, investment in mutual funds, insurance products, etc.

Expansion plans

On overseas expansion plans, he said the bank had recently opened a representative office in Shanghai and another in Singapore. Ithad applied to the regulators abroad as well in the country for setting up branches.

Mr Chatterjee said the bank was hopeful of obtaining approvals for two more branches, of which one would for a representative office in Hong Kong and the other a branch in Dubai.

It also sought approval from the Reserve Bank of India to open an investment arm in London, a representative office in Dubai and has also sent in requests to the Central Bank of Ceylon for opening branches in Sri Lanka.

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