Bank of Singapore and Edelweiss Group, a Mumbai-based financial services firm, have signed a memorandum of understanding to form a partnership in a bid to expand access for clients to both markets.
Bank of Singapore has a wide range of global investment solutions, while Edelweiss would open its wealth and investment opportunities in India.
It is the first time a company of Edelweiss’ size has partnered with an offshore private bank.
Bahren Shaari, chief executive of Bank of Singapore 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.”
Similarly, Nitin Jain, chief executive of Edelweiss Wealth and Asset Management, said that “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.”
In fact, NRI clients of Bank of Singapore have shown increasing interest in investment opportunities in India; especially after the Boston Consulting Group expected the country to exceed $5trn (£4trn, €4.4trn) in personal wealth by 2022.