New Delhi, January 19, 2018: Federal Bank entered into a strategic partnership with Hedge Equities Ltd for providing Portfolio Investment Scheme (PIS) services to NRIs. A formal agreement was executed at Federal Towers, Marine Drive, Ernakulam on 10th of January 2018. On the occasion, Mr. Jose K Mathew (EVP & Head Retail Business, Federal Bank) and Mr. Alex Babu (MD, Hedge Equities Ltd) exchanged the MoU announcing the tie-up.
Federal Bank is authorized by RBI to issue Permission Letter to NRIs on behalf of RBI to transact in secondary market. Presently the Bank has PIS arrangement with 8 partners and through these tie-ups, the Bank facilitates NRI clients to invest in shares of Indian companies, in secondary market for purchase/sale of shares or convertible debentures on repatriable and non repatriable basis. On the occasion Mr. Jose K Mathew, EVP & Head Retail Business said that the Bank is competent to cater to all the needs of NRI clients to invest in Indian Stock market and offers PIS services with best in class service at extremely competitive rates. He also added that the Bank is in the process of doubling the PIS business in terms of number of accounts and total volume.
Mr. Alex Babu, MD of Hedge Equities Ltd added that Hedge is slowly but surely transiting to a wealth management company. Last one year we have shown growth in AUM by hundred percent to 750 crore. Mostly it is contributed by NRIs and we expect this growth to continue for next couple of years. The Federal Bank PIS tie-up will definitely help smooth then the process and accelerate the growth trajectory.
Corporate Comm India(CCI Newswire)
