MC EXCLUSIVE RBL Bank appoints Yes Bank's Sanjiv Roy to head wealth management business

RBL Bank

RBL Bank has appointed Sanjiv Roy, a former Yes Bank executive,  to led the private lender's foray  into wealth management, three people aware of the development told Moneycontrol.

“The appointment of Sanjiv Roy has happened earlier this month and he is working on a plan with management to roll out the wealth management business,” one of the sources cited above said.

Roy, who was Yes Bank's country head, third party products, retail trade, forex & CMS, joined RBL Bank as head, affluent banking, wealth management & fee products.

The wealth management segment will be part of the retail banking business and Roy will report Narendra Agarwal, Head, Branch Banking & Retail Liabilities.

Email sent to RBL Bank on Roy's appointment and his role remained unanswered till publishing of this story.

Earlier this month, RBL Bank’s managing director and chief executive officer R Subramaniakumar told Moneycontrol that the bank is charting a plan to enter the wealth management space, as it looks to position itself as a full-suite financial services provider and remain relevant to its customer base.

The decision to enter wealth management is to ensure that the bank moves towards a customer-centric approach rather than the present product-centric one, Subramaniakumar said, though he refrained from setting a timeline for the roll out of the business.

Sources said the products in the wealth management space would be offered in-house first before taking them to new to customers.

The bank is also exploring a tie-up with other wealth management companies to start full-fledged operations, they added.

Subramaniakumar is of the view that with multiple alternative investments cropping up, RBL Bank should be equipped to cater to the holistic savings needs of the customers. “Am I providing an opportunity for my customer to adopt that through a wealth management solution, so that I can retain my customer? This is something we need to think,” he had told Moneycontrol.

This has become particularly relevant over the past two to three years, thanks to a buoyant stock market that has drawn the interest of investors and depositors toward direct equity exposure or mutual funds.