February 14, 2019 / 5:31 AM / in 9 days

OCBC's Bank of Singapore ties-up with India's Edelweiss to tap wealth market

SINGAPORE (Reuters) - 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 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 $25 billion. Bank of Singapore, a unit of Singapore’s second-largest listed lender Oversea-Chinese Banking Corp, has assets under management of $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 into India’s investment opportunities.

Reporting by Anshuman Daga; Editing by Gopakumar Warrier

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