Bank of Singapore, the private banking arm of OCBC Bank, has inked a memorandum of understanding with Indian financial services firm Edelweiss Group to access each other’s platforms.
Though the tie-up, Bank of Singapore aims to raise its profile in the Indian wealth space.
India is said to be one of the “fastest growing” wealth markets in Asia.
According to Boston Consulting Group, personal wealth in the subcontinent is anticipated to exceed $5 trillion in the next three years.
The alliance is said to benefit Bank of Singapore’s NRI clients, who will now gain access to more investment opportunities in India.
The private bank has over 80 bankers, who tend to NRI clients.
Bank of Singapore CEO Bahren Shaari said: “This partnership represents a milestone in our business strategy to tap into India’s growth.
“As Asia’s global private bank, we are well placed to be the gateway to the global financial markets for Indian entrepreneurs by providing them with suitable solutions to diversify their investments.”
In opting for the partnership, Edelweiss considered Bank of Singapore’s global research and advisory capabilities along with its open-architecture platform.
The wealth-management unit of Edelweiss advises on $14.4bn of assets.
Edelweiss Wealth & Asset Management CEO Nitin Jain said: “Bank of Singapore caters to the global NRI diaspora and is a renowned market stalwart. Edelweiss, on the other hand is the market leader in the onshore India wealth market.
“By working together, we aim to bring together the best of both worlds for the whole of Asia.”
Source : verdict.co.uk