Lakshmi Vilas Bank, headquartered in Chennai, Tamil Nadu, has tied up with Centrum Group, one of the leading financial services provider, to service its high-net worth clients. This decision was arrived upon to provide wealth management and family office services, which the bank doesn’t offer.
With this move, the South India-based bank is ready to shed its conservative image and leverage its business to serve a wealthy clientele. Also, some progressive steps at the helm has helped Lakshmi Vilas Bank’s shares almost double to Rs.160 from Rs.88 in just under a year.
The bank released a statement to the press regarding the same on Monday, wherein it said: “The bank’s interested HNI (high networth individuals) clients will be referred to Centrum Wealth for professional wealth management and family office services.”
“Centrum Wealth will offer its portfolio of Wealth Management Services to the Bank’s interested HNI clients.”
The partnership was made possible when Parthasarathi Mukherjee, CEO and MD, Lakshmi Vilas Bank, and Jaspal Bindra, Executive Chairman, Centrum Group, signed an MOU on Monday, 27th February.
In the release, Mr. Mukherjee was also quoted saying: “The association with Centrum is a step ahead in ensuring that we serve our ultra HNI clients with a strong investment advisory proposition the platform offers.”
“Our analysis shows a sizeable movement of funds from our client accounts to different AMCs and investment structures, hence with this association we wish to offer a complete basket of solutions to our clients,” said the head honcho of Lakshmi Vilas Bank.
Jaspal Bindra, EC, Centrum Group, also shared his thoughts regarding this newly-formed partnership and said: “We will make available the best of our in-depth research and guidance to the Bank’s HNI Clients, helping them achieve their financial goals,”
It is being said that this new partnership will help both Lakshmi Vilas Bank and Centrum Group work towards achieving their as well as their clients’ financial goals.