Select a page

Banking News

Merrill Lynch sees private banking growth in India

Merrill Lynch sees private banking growth in India

(29 August 2007 – India) Merrill Lynch’s Indian subsidiary has announced plans to double the number of employees in its private wealth business to about 500 people by the end of 2009. The investment bank expects assets under management to more than double over the same period.

Merrill Lynch currently employs some 250 private banking staff in India, servicing about 1,200 core clients, and managing US$6.5 billion of assets.

The bank said India was evolving rapidly and creating a new and unique generation of wealthy individuals.

The Indian economy is expanding at an average annual rate of eight percent with the number of high net worth individuals growing around 20 percent over the past two years.

Comment on this article


Your comments will not be published. Required fields are marked *


Please enter the word you see in the image below:


Subscribe to our mailing list

Sign up now to keep up-to-date with the latest
market news and insights in B2B banking.

* indicates required

For more information please read our Terms and Conditions and Privacy Statements.