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Lakshmi Vilas Bank, Centrum in wealth management tie-up

Lakshmi Vilas Bank and Centrum Group have tied up to offer wealth management services to the bank’s high net worth customers. Under the tie-up, the bank will refer its HNI clients to Centrum Wealth Management, which will then offer the necessary, advice, guidance and products and services to these clients. Centrum Wealth manages assets of around Rs10,000 crore. Details of the terms of the tie-up have not been revealed. Centrum Group had earlier signed an agreement with Doha Bank to leverage each other’s network and scale up their respective operations in India and GCC countries in banking, wealth management and foreign exchange. Centrum is proposing to launch a dedicated alternative asset unit – Centrum Asset Management. Lakshmi Vilas Bank has arrangements with Max Life Insurance, Future Generali India Insurance Co and other asset management companies to distribute their products.

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