RBS sees 50% rise in India private banking staff

The Indian private banking arm of Royal Bank of Scotland (RBS) plans to raise its headcount by 50% to 120 by the middle of next year to tap the surging wealth in Asia's third-largest economy, a top official said.

The unit, which has also set a target of tripling its assets under management to $3 billion in India over four to five years, sees good opportunity for wealth management in the long term, Shiv GuptaAsia, home to more than 3 million millionaires, has become a battleground for private banks as global and Asian players compete for market share in a region that is fast outpacing the United States and Europe in economic growth.
"Lot of people who are looking at India as a strategic growth market are looking at the potential of India rather than what it represents just right now," Gupta, who has been with RBS Group for 10 years, said.

"The scale in this opportunity exists in the longer term and what we might be seeing today are signs of life in the scope of the wealth spectrum today but what you are really gearing yourself to is longer term opportunity."

Asset under management in the sector are poised to rise to $1.2 trillion by 2014 on the back of a fast-growing economy and rising incomes, up from $780 billion last year and $330 billion in 2008, according to a report by consultancy firm Celent, head of India private banking, told Reuters.

Source:- http://www.business-standard.com/india/news/rbs-sees-50-rise-in-india-private-banking-staff/137836/on

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