Bajaj Finserv to enter wealth management, unveils new brand ID

MUMBAI: Bajaj Group's financial services arm Bajaj Finserv plans to enter the wealth management business and also banking, a top company official said on Wednesday. (Watch)

"We plan to enter the wealth management business in the second-quarter of 2010," Bajaj Finserv Managing Director Sanjiv Bajaj told reporters after announcing the company's new brand identity and business plans here.

Bajaj Finserv will take a step forward towards its goal of becoming a full-fledged financial services company by starting its wealth management business, including products distribution and advisory services to retail customers in five cities during the second quarter of this year, he said.

The company is venturing into the asset management business in a joint venture with German giant Allianz, pending regulatory clearance, he said.

The firm is also gearing up to enter the banking business and considering applying for a licence.

"We are keen to enter the banking business and will consider applying for a licence once the Reserve Bank comes out with its guidelines," Bajaj said.

Bajaj Finserv is a zero debt company and has Rs 900- crore worth cash. We are adequately capitalised to build this business in the coming years," he said, adding the company has no plans to raise money from the capital market.