Bank of Singapore has tied up with India-based Edelweiss Group to allow clients of both entities to access their respective platforms.
Bank of Singapore has a wide range of global investment solutions offered through its open-architecture platform while Edelweiss offers wealth management solutions and investment opportunities.
"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," Edelweiss group chairman Rashesh Shah said in a statement.
"This is the first time that an Indian wealth manager of Edelweiss' size and stature is partnering with an offshore private bank"
The partnership will allow Bank of Singapore (BoS) to significantly raise its profile in the country's growing wealth market. India is Asia's third largest wealth market after China and Japan with around $1trn worth of assets held by India's millionaires as of 2017, according to the latest report by Capgemini SE. The onshore wealth management market is dominated by Indian firms, mainly due to the country's capital controls which limit funds flows overseas.
"This is the first time that an Indian wealth manager of Edelweiss' size and stature is partnering with an offshore private bank," the statement said.
BoS has more than 80 bankers serving non-resident Indian (NRI) clients from Singapore, Dubai and Hong Kong. The private bank said there has been an increased interest from this segment to tap into India's investment opportunities.
The partnership will allow BOS 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 $5trn by 2022 according to Boston Consulting Group.