A clear focus on select and premium clients has made ABN AMRO Bank a familiar name among the über-rich in India
You get the drift, quite a bit, as soon as you enter ABN AMRO’s swanky office located on the 9th floor at the ultra-urbane Cyber Greens in Gurgaon. From sophisticated interiors to a switched on working environment, it almost gives you a feel of a place that is certainly not meant for the masses. And if that’s the impression you got, then, my friend, you are bang on.
“The target segment for a public sector bank or even for a private Indian bank consists mainly of the common masses; with the middle-class forming a bulk of its customers, while we have a niche market to cater to. Through our private banking services in India, we offer our select & premium clientele, which mostly consists of HNIs and major institutions, a comprehensive range of quality banking services coupled with a sophisticated execution platform,” reasons V. Vasantha Kumar, Senior VP and Head – Marketing and Communications, AMN AMRO Bank, India. Though the bank started its India operations way back in 1920 (like any other foreign multinational bank focused primarily on wholesale banking) to service top-tier corporate clients, the philosophy somewhat changed 1990 onwards, when strategic business imperatives and an increased level of competition, both from domestic and multinational banks in India, forced the bank to look at retail banking as a key engine for growth. But then, the target audience remained the same – the HNIs.
In fact, by leveraging its global reach and size (with assets over $504 billion, ABN AMRO Bank ranks among the top 10 banks in the world in size and strength) along with a clear cut focus on select and premium clients, the bank has succeeded in becoming a familiar name among the über-rich in India. This, in fact, was a reason healthy enough even for The Royal Bank of Scotland (RBS) to value ABN AMRO Bank’s India operations at about $500 million, when it took over the latter in 2008. (RBS was part of the consortium that acquired ABN AMRO in 2008, with Fortis group of the UK & Banco Santander SA of Spain).
You get the drift, quite a bit, as soon as you enter ABN AMRO’s swanky office located on the 9th floor at the ultra-urbane Cyber Greens in Gurgaon. From sophisticated interiors to a switched on working environment, it almost gives you a feel of a place that is certainly not meant for the masses. And if that’s the impression you got, then, my friend, you are bang on.
“The target segment for a public sector bank or even for a private Indian bank consists mainly of the common masses; with the middle-class forming a bulk of its customers, while we have a niche market to cater to. Through our private banking services in India, we offer our select & premium clientele, which mostly consists of HNIs and major institutions, a comprehensive range of quality banking services coupled with a sophisticated execution platform,” reasons V. Vasantha Kumar, Senior VP and Head – Marketing and Communications, AMN AMRO Bank, India. Though the bank started its India operations way back in 1920 (like any other foreign multinational bank focused primarily on wholesale banking) to service top-tier corporate clients, the philosophy somewhat changed 1990 onwards, when strategic business imperatives and an increased level of competition, both from domestic and multinational banks in India, forced the bank to look at retail banking as a key engine for growth. But then, the target audience remained the same – the HNIs.
In fact, by leveraging its global reach and size (with assets over $504 billion, ABN AMRO Bank ranks among the top 10 banks in the world in size and strength) along with a clear cut focus on select and premium clients, the bank has succeeded in becoming a familiar name among the über-rich in India. This, in fact, was a reason healthy enough even for The Royal Bank of Scotland (RBS) to value ABN AMRO Bank’s India operations at about $500 million, when it took over the latter in 2008. (RBS was part of the consortium that acquired ABN AMRO in 2008, with Fortis group of the UK & Banco Santander SA of Spain).
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