South-based Lakshmi Vilas BankBSE 0.47 % is fast shedding its age-old look with a new bunch of top executives at the helm of affairs.
The lender has now roped in Centrum group, a leading financial services company, which will now manage the bank’s wealthy clients.
“The bank’s interested HNI (high net worth individuals) clients will be referred to Centrum Wealth for professional wealth management and family office services,” Lakshmi Vilas Bank said in a release issued on Monday. “Centrum Wealth will offer its portfolio of Wealth Management Services to the Bank’s interested HNI clients.”
Parthasarathi Mukherjee, managing director & CEO, LVB and Jaspal Bindra, executive chairman, CentrumBSE 0.14 % Group have signed a Memorandum of Understanding on Monday.
Centrum Wealth Management currently has assets under advise (AUA) in excess of Rs 10,000 crore. It offers a bouquet of professional Wealth Management Services which include investment advisory across asset classes, portfolio management services and family office services including estate and tax planning.
“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,” said Parthasarathi Mukherjee Managing Director & CEO, LVB.
With Parthasarathi Mukherjee at the helm, the bank has built in the past one year a senior team of several senior bank executives, who came from bulge-bracket lenders including HDFC, SBI, Axis BankBSE 0.18 %, Royal Bank of Scotland, and is hoping to get back on the growth track as fast as it can.
In the past one-year, LVB shares have nearly doubled to Rs 160 now from Rs 88 earlier. During the same period, Centrum CapitalBSE 0.14 % shares more than trebled to 36 from 11 earlier.
“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,” said Jaspal Bindra, Executive Chairman, Centrum Group.
Two months ago, Lakshmi Vilas Bank raised Rs 165 crore through qualified institutional placement with investors including DHFL Pramarica Life, Aviva Life Insurance, IDBI BankBSE 0.06 % and Axis Bank.
