Financial Daily from THE HINDU group of publications
Thursday, Mar 07, 2002
Financial Daily from THE HINDU group of publications Thursday, Mar 07, 2002 |
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Money & Banking
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New Products & Services ABN-Amro unveils service for `super rich' Our Bureau
MUMBAI, March 6 ABN-AMRO Bank on Wednesday announced the launch of a new product for "super-affluent customers'' who are in need of customised financial solutions. Called "Van Gogh Preferred Banking,'' the service would require savings account holders to maintain a minimum balance of Rs 5 lakh and current account holders, Rs 10 lakh. The Executive Vice-President and Country Representative, Mr Romesh Sobti, told presspersons at the launch here that the personal banking service involved a wealth management account and a range of value-added services and wealth optimisation opportunities. The services include investment options to maximise returns, insurance plans, exclusive servicing areas and a dedicated relationship manager. "India is the first country in which the bank is launching its preferred banking platform as banking services here are clear segregated for three markets namely, general, preferred, and private banking,'' he said. The bank intends to launch private banking for customers with an account size of over Rs 1 crore by the first week of May. Commenting on the recent Budget proposal to allow foreign banks the option of operating as branches or setting up subsidiaries, Mr Sobti said the banks would have to read the fine print and decide on their course of action after weighing the pros and cons. "We are awaiting further clarifications and only then can a decision be taken,'' said Mr Sobti. Clarifications are expected on issues such as whether the subsidiary can be fully owned, and if so, whether it will be subject to all requirements and dispensations of a local entity. Details are also awaited on the definition of priority sector lending, he said.
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