Mumbai, Feb 14 : Diversified financial services Group, Edelweiss Group and Bank of Singapore, a leading Asian Private Bank have signed a Memorandum of Understanding to form a strategic partnership to provide clients of both entities the opportunity to access their respective product platforms - Bank of Singapore's wide range of global investment solutions offered through its open-architecture platform and Edelweiss's robust wealth solutions and investment opportunities in India.
This partnership will 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 USD5 trillion by 2022 according to Boston Consulting Group, company said in a filing with BSE.
This partnership also offers Edelweiss's clients the opportunity to access Bank of Singapore's product platform, creating a powerful global investment proposition. This is the first time that an Indian wealth manager of Edelweiss's size and stature is partnering with an offshore private bank. Bank of Singapore had previously signed similar strategic partnerships with two financial institutions - one from Japan and another from Switzerland.
Mr Rashesh Shah, Chairman and CEO, Edelweiss Group said, "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."
Nitin Jain, CEO, Edelweiss Wealth & Asset Management, 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."
Bahren Shaari, Chief Executive Officer (CEO), 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.'' (UNI)