Merrill seeks to expand in India

Merrill Lynch & Co. Inc. is planning to increase the scope of its Indian private banking business, with a focus on providing financial services to that country’s growing wealthy population, according to the Economic Times in India. New York-based Merrill Lynch has been building its client business in India with an aim to double the number of its financial advisers this year. Merrill is currently building up its operations in larger cities such as Mumbai, New Delhi, Kolkata, Chennai and Bangalore, according to the report. The report cited The Merrill Lynch Cap Gemini World wealth Report in 2005, which identified South Korea (21.3%) and India (19.3%) as the two fastest growing markets in the High Net Worth segments globally.