The Singapore-based bank has made a number of westward moves recently and is now partnering with an Indian wealth management firm.
Bank of Singapore, which has opened offices in Dubai and pushed into Luxembourg and London, has now ramped up its India presence by partnering with the country’s Edelweiss Group, a private bank.
Edelweiss, which has $14.4 billion of assets under management, has signed a memorandum of understanding with BoS to create a strategic partnership. Clients will be able to get products on the platforms of both firms, BoS said in a statement yesterday. BoS said that its non-resident Indian clients will benefit from the arrangement.
The move comes as BoS - and rivals such as DBS - are expanding westwards from their home turf in Asia. BoS, the private banking business of Singapore-listed OCBC, is this year launching a wholly-owned subsidiary, BOS Wealth Management Europe and opening a branch in London. Last July, BoS said that it had won an investment company licence to operate a wealth management subsidiary in Luxembourg, which it said was a first for a Singapore private bank. In 2017 BoS opened an office in the Dubai International Financial Centre.
BoS said the Edelweiss partnership will allow it to “significantly raise its profile in one of Asia’s fastest growing wealth markets through one of India’s largest industry players”.
The private bank is eyeing India’s current and potential growth in HNW wealth, citing data from Boston Consulting Group that India’s total personal wealth will surpass $5 trillion by 2022.
“This is the first time that an Indian wealth manager of Edelweiss’ 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,” the bank 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,” Bahren Shaari, chief executive, Bank of Singapore, said.
Nitin Jain, CEO, Edelweiss Wealth & Asset Management, said: “Bank of Singapore caters to the global NRI [non-resident Indian] 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.”