Kochi: Federal Bank entered into a strategic partnership with PhillipCapital (India), a subsidiary of the Singapore headquartered PhillipCapital group, for managing NRI Portfolio Investment Scheme (PIS).
The tie-up was announced at a customer meet held on April 07, 2016 at Singapore. On the occasion, Shyam Srinivasan, MD & CEO of Federal Bank and Lim Hua Min, Chairman of PhillipCapital Group exchanged the MoU announcing the tie-up.
PIS is a route designated by the Reserve Bank of India for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) to invest in Indian Equity Markets for purchase of shares and convertible debentures listed on registered stock exchanges in India.
PhillipCapital is an integrated financial house with a global presence that offers a full range of quality and innovative services to retail, corporate and institutional customers. The company operates in the financial hubs of 16 countries, with offices in Singapore, Malaysia, Cambodia, Indonesia, Thailand, Hong Kong, China, Japan, India, Sri Lanka, UAE, UK, France, Turkey, Australia and USA.
The tie-up with its Indian subsidiary will thus be a significant value-add to the NRI clientele of Federal Bank, particularly those in the non-GCC countries, who can now avail PIS using the wide global network of Phillip Capital and their experience and expertise in providing consistent and world-class customer service.
Kerala Biz News