Axis Bank has launched a new service called Burgundy in order to attract more wealthy customers. Burgundy will offer services like no-limit credit cards and a multi currency foreign exchange card, among others. Customers with a relationship value of at least Rs 30 lakh will qualify. Of the existing base, 40,000 account holders will be entitled to be part of the scheme. In the next 12 to 18 months, it aims to add another 75,000-100,000 customers in this segment. Rajiv Anand, head of Retail Banking of the bank, said as the economy grows in the coming years, the affluent section expected to grow in excess of 20% (yearly), compared to the mass affluent base which is expected to increase by 12-15% and the mass segment which is likely to grow at 5%. The bank intends to focus on this segment now, he said. Apart from the credit card and forex card facilities, there will be integrated wealth management solutions across all asset classes, customized solutions for business and capital raising requirements, and preferential services and lending rates to Burgundy consumers. The bank will combine its earlier offerings in the premium banking space, called Axis Wealth and Axis Privee, under Burgundy. The bank has eanged the father-daughter duo of Prakash Padukone and Deepika Padukone as brand ambassador for Burgundy.
