Gold coins in denominations of 5 gms, 8 gms and 10 gms, imported from Switzerland, bank‘s retail platform to distribute the product
Bangalore- ING Vysya Bank, a universal bank with retail, private and wholesale banking platforms, has expanded its retail product offerings by launching sale of 24-carat gold coins. The bank will offer pure gold coins in denominations of 5 grams, 8 grams and 10 grams with attractive discounts to select retail customers.
Imported from Switzerland, ING Vysya Bank gold coins have 999.9 fineness offered in tamper-proof packing along with assay-certification to ensure high quality and purity. The bank plans to use its branch network to distribute this product, with 149 branches currently offering the same. ING Vysya Bank’s foray into gold retailing is part of its overall strategy to be a leading provider of end-to-end investment products and services across all banking verticals.
The bank will offer competitive rates for its gold coins based on international bullion rates.
Uday Sareen, Country Head – Retail Banking, ING Vysya Bank said: “Gold as an asset class is a key alternate investment avenue for individual investors and also acts as a natural hedge against other asset classes. We have been seeing tremendous demand for this product.”
India is the highest consumer of gold commanding 20% of world market share. According to World Gold Council, India had imported 966 tonnes of gold in 2011, far exceeding 2009 levels. Demand for gold in India grew 25 per cent in the last decade, despite a considerable increase in global price rise, according to its report. The report estimated that by 2020, cumulative annual demand for gold in India would increase to 1,200 tonnes.