With an eye on the burgeoning affluent Indian segment, Merrill Lynch is planning to double its private banking business in the country by doubling the number of its financial advisers this year.

Rahul Malhotra, Merrill Lynch’s head of India Global Private Client, said his bank, which has already doubled from last year, is building private client business in India and will invest in technology, infrastructure and in human resource to support its expansion plans.

Malhotra also added that his bank also plans to grow the client assets under management for both onshore and offshore India by eight to ten times in the coming years.

As of now, the bank is building up operations in Mumbai, New Delhi, Kolkata, Chennai, Bangalore and has expressed the desire to increase the number of cities from where they could operate.

Merril Lynch bank wants to double the strength of financial advisors this year, who are serving the Indian clients residing in the country and abroad.Over all, Merrill Lynch has 16,000 financial advisers and its global private client team at DSPML is amongst the largest team of private bankers in the country.

As part of private banking services, the company besides providing wealth management advisory service, has also launched the global non resident Indians (NRIs) business targeting NRIs living across the world.

Merrill Lynch as the bank, that also assists High Networth Individuals (HNI) in wealth management advisory service, is also planning to spread its wings into tier-II cities. According to recent Forbes list, India, with world’s 36 richest people, has emerged as Asia's biggest home to billionaires.

A report by the bank in 2005 had identified South Korea and India as the two fastest growing markets in the High Net Worth wealthy segment globally.

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