The India-based group has launched a wealth management offering that targets a growing audience of high net worth and UHNW individuals in the country.

Axis Bank, which is based in India, has reportedly launched Burgundy Private, a wealth management offering.

The new product is designed for those who can deliver a "relationship value" of more than INR0.05 billion (around $700,000), as against the earlier INR0.003 billion (around $42,000) under the five-year-old-old product, according to Private Banker International. WealthBriefingAsia has contacted Axis to confirm the report and add details. It may update in due course. 

The platform will serve high net worth and ultra-high net worth individuals and offer services such as portfolio management, tax advisory, estate planning and real estate advisory.

The bank management referred to independent research that expects a twofold increase in the number of the ultra-high net worth individuals from 153,000 to 263,000 by 2025, as well as a higher growth in their wealth from the present $1.07 trillion to $2.6 trillion over the next six years.