Bank of Singapore links up with Edelweiss of India
This partnership is the first time that an Indian wealth manager of Edelweiss’ size has linked up with an offshore private bank to offer their clients an enhanced product platform
Bank of Singapore, a leading Asian private bank and Edelweiss Group, one of India’s largest diversified financial services groups, have signed a Memorandum of Understanding (MoU) to form a strategic partnership to provide clients of both entities the opportunity to access their respective product platforms.
Bank of Singapore’s range of global investment solutions offered through its open-architecture platform and Edelweiss’ wealth solutions and investment opportunities in India.
This partnership intends to allow Bank of Singapore to significantly raise its profile in one of Asia’s fastest growing wealth markets through one of India’s largest industry players. India’s total personal wealth is expected to top US$5 trillion by 2022 according to Boston Consulting Group.
Says Bahren Shaari, chief executive officer (CEO), Bank of Singapore, “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.”
Bank of Singapore had previously signed similar strategic partnerships with two financial institutions – one from Japan and another from Switzerland.
Edelweiss Group is one of India’s largest diversified financial services groups. Its wealth management arm is amongst India’s leading wealth managers with assets under advice (AUA) of US$14.4 billion. It provides a unique platform across asset classes, customized to help new-age clients create and protect their wealth and aspirations.
Bank of Singapore’s non-resident Indian (NRI) clients will benefit from this partnership as it will avail a wider range of investment opportunities in India – a growing interest that has been seen from this segment.
Rashesh Shah, chairman and CEO, Edelweiss Group says, “We are delighted to partner with Bank of Singapore which is one of the largest Asian private banks. Our combined network, business knowledge, and decades of on ground experience in the financial services space will act as catalysts to our joint ambition of providing the best in class solutions to our collective clientele.”
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14 Feb 2019