Bombay-based Axis Bank is to roll out family office accounts intended for high net worth individuals by the end of 2010, according to the Financial Express in Calcutta, quoting unnamed sources.

Axis has already linked to Geneva-based Banque Privée Edmond De Rothschild Europe with this venture in mind, the report states.

And Axis is believed to have done “a little bit of seeding” work, such as awareness campaigns and meeting potential clients.

S K Chakrabarti, executive director (retail banking, SME and agriculture) at Axis, said: “We have decided to offer family office services to people with an annual income of R25-30 million (about $500-750,000), while those having an annual income above R10 million will be serviced by the wealth management team.”