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OCBC's Bank of Singapore ties-up with India's Edelweiss to tap wealth market
[SINGAPORE] Bank of Singapore, one of Asia's biggest private banks, is partnering diversified Indian financial services firm Edelweiss Group to allow clients of both entities to tap their respective product 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 in a joint statement.
"This partnership represents a milestone in our business strategy to tap into India's growth," Bahren Shaari, CEO of Bank of Singapore, said in the statement.
Edelweiss, one of India's leading wealth and asset managers, has assets under management of over US$25 billion. Bank of Singapore, a unit of Singapore's second-largest listed lender OCBC, has assets under management of US$105 billion as at Sept 30, 2018.
Bank of Singapore, which has more than 80 bankers serving non-resident Indian (NRI) clients from Singapore, Dubai and Hong Kong, has seen increased interest from this segment to tap India's investment opportunities.