BOB launches wealth management services

Mumbai, 23rd October, 2006:Bank of Baroda has rolled out yet another initiative to offer value added proposition to its customers through Wealth Management Services, through its various identified branches. At a function marked with professional aplomb and religious gusto at Powai in Mumbai, Shri V Santhanaraman, Executive Director of the Bank launched its first Pilot for Mumbai Metro and Ahmedabad city at select branches.

Speaking on the occasion, Mr. Santhanaraman stated that the Bank has been in the forefront providing best of the services to its customers. Through Wealth Management Services, the Bank will offer a bouquet of insurance and investment products to its customers and provide better avenues for managing their wealth. The Bank has already entered into alliance with HDFC Standard Life Insurance Co, Birla Sunlife Mututal Fund, UTI Mutual Fund, National Insurance Co. etc for marketing their products. Through a team of professionally trained and dedicated Investment Advisors, the Bank shall reach out to its existing and potential customers and facilitate their investment decisions through simplified processes, using internally developed Risk Profiling Tool, with state of the art technology, ensuring faster turn-around time. The Bank will also augment its Moneyplex infrastructure at branches to ramp up its operations in this segment. The Bank has a large network of more than 2700 branches in India and 60 offices in 22 countries around the world.

Addressing the customers, Mr. Santhanaraman further stated that the day had special significance in the Indian mythology, since on this day, all Indians worship and invoke goddess Lakshmi, the deity of Wealth, for bringing prosperity and happiness. The Bank was also, through its Wealth Management Services along with a host of other customer friendly products and customer centric initiatives, ensuring to provide world class banking experience to its customers and thereby bringing delight, pleasure, growth and prosperity for all of its valued patrons and clients.

With the economy of the country growing exponentially and masses getting transformed into prosperous, rich and affluent Indians, Wealth Management Services offered by the Bank were designed to meet requirements of the customers who wish to secure their future through insurance and investment products and ensure healthy growth of their different financial assets. Mr. Santhanaraman also expressed confidence that the Bank shall continue to enjoy trust and loyalty of its more than 28 to 29 million customers spread across the globe, who would find these offerings quite attractive and suitable for their needs. The Bank shall be introducing these services in rest of the branches shortly.

The Bank also proposes to add share broking, on-line trading, investment advisory and other services in due course, for which work is going on at an advanced stage, Mr. Santhanaraman said. Recounting other initiatives launched by the Bank recently with a view to become a Multi-specialist Bank, he added that only last week, the Bank had launched its first SME Loan Factory at Pune. The Bank's Retail Loan Factories have already created a flutter in the Indian Banking Space during earlier part of the year, Mr. Santhanaraman said.