I have worked in a prominent bank in IB both in India and in the EU where wealth management has matured. I slightly disagree that banks would be fierce competitors to Nuvama. In the medium term, yes probably banks might vie for the same pie, but over the long run, wealth management is a very specialized business and Indian banks certainly cannot offer the tailored service which big ticket sizes need. Certain banks can compete but they’d have to pivot their entire business model geared towards wealth management like UBS / Credit Suisse.
Disclosure:
Present Edelweiss shareholder, have divested Nuvama post demerger. Will enter once valuation becomes favourable and once I gain full clarity of their business financials
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