Icicis Novel Proposal For Nris
With the nonequity strategic tie up with Fortis’ private banking arm MeesPierson ICICI Bank became the first Indian bank to offer global wealth management solutions to its clients in India and abroad.
“This association provides us with an opportunity to complement our product suite for our high net worth clients and to provide them with holistic wealth management solutions” ICICI Bank’s head of international banking group Bhargav Dasgupta said in a statement.
MeesPierson which manages assets worth 55 billion Euro worldwide and has operations in 24 countries will soon chart detailed operational plan with ICICI Bank to cater to NRIs and high net worth clients worldwide.
Belgiumbased Fortis will also gain by getting ICICI’s expertise in offering investment opportunities in Indian equity debt real estate and private equity to its clients.
The alliance would enable ICICI Bank to offer clients the facility to set up and manage trusts in countries like the United Kingdom Singapore Hong Kong New Zealand and Isle of Man.
ICICI Bank India’s second largest bank with Rs 163400 crore Rs 1634 billion in assets has presence in the United States UK Canada China the United Arab Emirates South Africa Singapore and Bahrain.
It also has ties with Lloyds Bank in the UK Emirates Bank in the UAE and Commercial Bank of Qatar for offering bundled local and Indian products to its clients. The bank also has a truck with Well Fargo in the US Bank of Montreal in Canada and DBS in Singapore for remittance business.
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Source: IndiaRealEstateblog
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