HDFC Private Banking Group that has witnessed significant investing interest from non-resident Indians (NRIs) over the past few months (after the financial crisis) is looking to expand both abroad as well as in tier II and III cities.
NRIs comprise roughly a quarter of the HDFC Bank’s wealth management portfolio of Rs 18,300 crore.
“There has been a drastic change in the way the NRIs look at financial instruments in India and at us over the past four to five months,” said Abhay Aima, group head, equities and private banking, HDFC Bank. “While they felt more confident with foreign wealth advisers earlier, they now give us a patient hearing and the revenue growth from NRI segment in financial instruments has been 150 per cent for us.”
The bank will soon open offices in Hong Kong and Abu Dhabi. HDFC Bank also witnessed a steep rise in the assets under advice in tier II cities.