Bank of Singapore, a leading Asian Private Bank and Edelweiss Group, one of India’s largest diversified financial services groups, have signed a Memorandum of Understanding to form a strategic partnership to provide clients of both entities the opportunity to access their respective product platforms – Bank of Singapore’s wide range of global investment solutions offered through its open-architecture platform and Edelweiss’ robust wealth solutions and investment opportunities in India.
This partnership will allow Bank of Singapore to significantly raise its profile in one of Asia’s fastest growing wealth markets through one of India’s largest industry players. India’s total personal wealth is expected to top US$5 trillion by 2022 according to Boston Consulting Group.
This partnership also offers Edelweiss’ clients the opportunity to access Bank of Singapore’s product platform, creating a powerful global investment proposition.
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.
Edelweiss Group is one of India’s largest diversified financial services groups. Its wealth management arm is amongst India’s leading wealth managers with assets under advice (AUA) of US$14.4 billion. It provides a unique platform across asset classes, customised to help new-age clients create and protect their wealth and aspirations.
Edelweiss Wealth Management business has received numerous awards, key among them being the ‘Best Wealth Manager, India 2018’ by The Asset Hong Kong, ‘Best Wealth Manager 2018’, by Asian Private Banker, the ‘Best Private Bank’, India at the Asiamoney Best Bank Awards 2018 and most recently ‘Best Private Bank 2019’, India by Global Finance North America’s premier wealth management research and media house.
Bank of Singapore’s strength and stability as one of the few private banks in the world to hold an Aa1 rating from Moody’s, its global research and advisory capabilities as well as its open-architecture platform, which offers clients access to a wide range of global innovative investment solutions, were factors behind Edelweiss’ decision to partner with the bank.
Bank of Singapore’s non-resident Indian (NRI) clients will benefit from this partnership as it will avail a wider range of investment opportunities in India – a growing interest that has been seen from this segment. The Singapore-headquartered private bank has one of the largest coverage of NRIs in the world, with more than 80 bankers serving such clients. It was accorded the Best Private Bank – Non-Resident Indian award by Asian Private Banker in 2017.
Statements from Bank of Singapore
Said Mr. Bahren Shaari, Chief Executive Officer (CEO), Bank of Singapore, “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.”
Mr. Vikram Malhotra, Global Market Head, Global South Asia & Middle East, Bank of Singapore added, “Edelweiss is a highly respected wealth manager in India, with an excellent product platform across the financial services value chain. We are delighted to be working together with such an esteemed partner and look forward to combining our strengths and achieving a successful collaboration."
Statements from Edelweiss
Mr. Rashesh Shah, Chairman and CEO, Edelweiss Group said, “We are delighted to partner with Bank of Singapore which is one of the largest Asian private banks. Our combined network, business knowledge, and decades of on ground experience in the financial services space will act as catalysts to our joint ambition of providing the best in class solutions to our collective clientele.”
Mr. Nitin Jain, CEO, Edelweiss Wealth & Asset Management, said, “Bank of Singapore caters to the global NRI 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.”
