The Liechtenstein-headquartered private bank is targeting what it sees as India's growing HNW market.

LGT, the Liechtenstein-based private banking group, which is also present in regions such as Asia, Europe and the Middle East, has agreed to buy a controlling stake in the Indian firm Validus Wealth. 

The remaining shares will continue to be held by the current management team, LGT said in a statement today.

Validus Wealth is present in nine Indian cities and LGT said the transaction gives it a foothold in the country’s high net worth client sector.

“Validus Wealth represents an excellent opportunity for us to gain a foothold in the highly promising Indian market and work together over the coming years to expand the business, which is still very much in its infancy,” H S H Prince Max von und zu Liechtenstein, LGT’s chief executive, said.

Previously called WGC Wealth, Valdus was launched in September last year and now has more than 150 staff. When the transaction is complete, Valdus Wealth becomes part of the LGT Group. 

“It will develop a full-service, next-generation private client platform in India, offering investment advisory, portfolio management, research, and wealth planning services. In the coming years, the range of services is likely to include financing,” LGT said.

The financial cost of the deal wasn’t disclosed by the parties. The transaction is expected to conclude within the next two to three months, subject to regulatory approval. 

The company will continue to be led by its founder and current chief executive Atul Singh.

“Our accelerated growth is a clear reflection of the opportunities in India for home-grown wealth management firms such as ours to leverage. LGT’s comprehensive capabilities will further propel our ambitious agenda and contribute to our efforts in enhancing robust offerings. Their established legacy as a leading global asset manager with over $200 billion in client assets and our proficiency of the Indian market will help create an enriched experience for our clients’ financial life through our combined global and local expertise.”