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Since 1st March, 1999
 
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Wealth management on offer

Mumbai, May 5: Bajaj FinServ, the financial services company of the Bajaj group, is venturing into wealth management and construction equipment financing.

At present, Bajaj FinServ offers services in life and general insurance in partnership with Allianz. Loans for consumer durables and two-wheelers are provided through Bajaj Auto Finance. The company has also joined hands with Allianz for asset management and expects to offer services from April next year.

Sanjiv Bajaj, managing director of Bajaj FinServ, said the latest wealth management foray included advisory services and distribution of financial products to retail customers. It will be launched in five cities in the second quarter of this year.

Kevin P D’Sa, chief financial officer and president (business development), told The Telegraph that for wealth management the company would focus on individuals with annual savings of Rs 4-5 lakh.

Bajaj Auto Finance, which is part of Bajaj FinServ, will offer construction equipment financing and retail loans against securities.

The size of the construction equipment industry is around Rs 15,000 crore. Banks and a few non-banking finance companies are the key lenders. Bajaj Auto Finance is targeting medium to large customers in the first phase. The average size of the loans will be Rs 35 lakh.

The loan against securities will be offered to high networth individuals. The size of the loans will be in the range of Rs 50 lakh to Rs 10 crore and will be offered against pledge of shares and mutual funds.

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