OCBC’s Bank of Singapore ties-up with India’s Edelweiss
SINGAPORE : Bank of Singapore, one of Asia's biggest private banks, is partnering with diversified Indian financial services firm Edelweiss Group to allow clients of both entities to tap into their respective platforms.
As part of a memorandum of understanding, Bank of Singapore will offer its wide range of global investment services to Edelweiss' clients abroad, while Edelweiss will provide wealth and investment products services to Bank of Singapore's customers, the companies said.
"This partnership represents a milestone in our business strategy to tap into India's growth," Mr Bahren Shaari, CEO of Bank of Singapore, said in the statement.
Edelweiss has assets under management of over $25 billion. Bank of Singapore, a unit of Oversea-Chinese Banking Corp, had assets under management of $105 billionlate last year.
Bank of Singapore, which has more than 80 bankers serving non-resident Indian clients from Singapore, Dubai and Hong Kong, has seen increased interest from this segment to tap into India's investment opportunities. - REUTERS