ING Vysya Bank, the Indian private lender that came
about from the 2002 merger of the ING Group and Indian Vysya Bank,
has launched the sale of 24-carat gold coins.
The bank plans to use its branch network to
distribute the gold coins, with 149 ING Vysya branches across India
offering the product.
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ING Vysya is offering gold coins in denominations
of 5 grams, 8 grams and 10 grams with discounts to select retail
customers. The gold coins have reportedly been imported from
Switzerland.
According to ING Vysya, gold retailing is part of
the lender’s overall strategy to offer end-to-end investment
products and services across all banking verticals.
Uday Sareen, country head of retail banking for ING
Vysya, said in a statement that gold as an asset class is a “key
alternative 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,” added Sareen.
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