Axis Bank launches private banking platform
Axis Bank has announced the launch of “Burgundy Private”, it’s private banking platform which caters to the high and ultra-high net-worth segment of customers.
The platform is aimed at customers with finite time and infinite needs. It offers customised solutions suiting specific client needs ranging from wealth management and lending solutions to research based investments advisory, to family office, estate planning, real estate and tax advisory.
Burgundy Private is driven by the “One Axis” approach, as termed by a press release, meaning that the platform will bring together the combined expertise of the Axis group to cater to the distinct and advanced wealth needs of this client segment.
The suite of services offered through Burgundy Private will meet the needs of the HNI clientele through solutions offered not just by the Bank, but also its subsidiary companies - Axis Securities, Axis Capital, Axis Mutual Fund and Axis Finance, while also partnering with external expert solution providers.
In 2014, Axis Bank launched ‘Burgundy’- its wealth management business, which has now become one of the top wealth management franchises in the country. Over the last 5 years, Axis Bank has gained the trust of more than 1 lakh families.
With its team of 70 Private Banking specialists across 20 locations, the Burgundy Private platform will leverage the extensive research capabilities and expertise of the Axis group to engage with the clients to create bespoke solutions that address their specific needs.
Amitabh Chaudhry, Managing Director & CEO, Axis Bank said “In India, with the government pushing to formalise the economy and improving ease of doing business, entrepreneurship is on the rise and the segment of high net-worth individuals is clearly proliferating. As the economy nears the USD5 trillion mark, the wealth of the HNI base is expected to grow at a faster rate. Interestingly, this growth will encompass not just the key metro locations, but also Tier-II and III cities. With the Burgundy Private platform, we plan to tap this huge opportunity and gap in the market, with one of its kind - niche, customised solutions, specifically meant for people who have finite time, but infinite needs.”