Bank of India (BoI) has announced plans to focus on 1,000 key branches from its network of 5,200 branches to attract high net-worth individuals (HNIs) and secure durable deposits. This strategic move comes as the bank faces increased pressure on its retail deposit base. The initiative is part of a broader plan to enhance deposit granularity and establish a robust wealth management business by March 2026.
In addition to targeting HNIs, the Mumbai-based public sector bank will open 200 new branches in semi-urban areas during the current financial year. This expansion is a critical element of BoI’s five-point strategy aimed at intensifying resource mobilization and strengthening its deposit base.
Rajneesh Karnatak, managing director and chief executive officer, said that the bank will focus on customers with balances of Rs 10 lakh in these branches for hawking deposits, as well as loan products and investment products. The bank’s customer base is 110 million but the product per customer sale is 1.4. Bank of India has reported a NET profit of Rs.2,374 crore for September 2024 Quarter. Click here to check Net profit of all banks in Sep 2024 Quarter.
The Bank of India’s (BoI) plan to increase resource mobilization includes:
- Attracting high net-worth individuals: The bank will focus on 1,000 of its 5,200 branches to attract high net-worth individuals (HNIs).
- Opening new branches: The bank will open 200 new branches in semi-urban areas during the financial year.
- Setting up a wealth management business: The bank plans to set up a wealth management business by March 2026.
Wealth management is a financial service that provides personalized strategies to help individuals and families manage, grow, and protect their wealth. It involves a holistic approach to financial planning and investment management, tailored to the specific needs and goals of high-net-worth individuals (HNIs) or clients with significant financial assets.
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