Insurance player Bajaj Finserv on Wednesday announced its entry into retail lending and wealth management businesses. The company derives close to 80 per cent of its revenue from the insurance business.
“Bajaj Finserv will be launching wealth management business, which will act as an advisory (for) distribution of financial products and services to retail investors. The service would be launched by September 2010,” said Sanjiv Bajaj, MD, Bajaj Finserv.
Arpit Agarwal of Dawnay Day will head the wealth management business, Bajaj said.
“As per the changed identity, Bajaj Aujto Finance would be branded as Bajaj Finserv-Lending, while its general and life insurance joint ventures with Allianz would be branded Bajaj Allianz. The new wealth management business would be identified Bajaj Finserv-Wealth management,” said Bajaj.
Under Bajaj Finserv Lending, the company announced launch of retail lending against securities and also a construction equipment (CE) finance business in April 2010.