Merrill Lynch to double pvt banking biz

Global financial services major Merrill Lynch is planning to double its private banking business in the country, with an aim to provide financial services for the growing wealthy population.

Merrill Lynch, which provides wealth management advisory service to High Networth Individuals (HNI), is aggressively building the private client business in India with an aim to double the number of its financial advisers this year and is also planning to expand into tier-II cities.

"Merrill Lynch is aggressively building the private client business in India and will invest in people, technology and infrastructure to support expansion plans. We plan to double the number of financial advisers this year, which already doubled from the year before," Merrill Lynch head of India Global Private Client Rahul Malhotra said.

Read more at The Economic Times