Mumbai: Federal Bank has declared its entry into a strategic partnership with two new booking partners M/s Celebrus Capital Ltd and M/s Fortune Wealth Management Co India Pvt. Ltd. The partnership is aimed at providing Portfolio Investment Scheme (PIS) services to Non-resident Indians (NRIs).
A legal agreement was effected at Federal Towers, Marine Drive, and Ernakulam.
On the occasion, EVP and Head - Retail Business, Federal Bank, Jose K Mathew, and DVP - Retail Business, Federal Bank, Ravi Ranjit, exchanged the Memorandum of Understanding (MoU) with Managing Director, Celebrus Capital Ltd, Giby Mathew, and Managing Director, Fortune Wealth Management Co. India Pvt. Ltd, Jose C Abraham, respectively.
With the initiation of these two new arrangements, the bank has partnered with nine broking companies, through which the bank facilitates NRI clients to invest in shares of Indian companies, in the secondary market for purchase/sale of shares or convertible debentures on the repatriable and non-repatriable basis.
"Together we will facilitate NRI investment in India's vibrant equity markets through the 'Portfolio Investment Scheme' of Reserve Bank of India," said Jose C Abraham.
He believes that this tie-up between the two institutions will emerge as a very customer friendly and hassle-free mechanism for Indians living abroad to invest in Indian equities without losing the NRI status of their savings.
Giby Mathew mentioned that the tie-up with Federal Bank will immensely help Celebrus Capital to offer the available investment opportunities in the Indian capital market for NRI investors in a transparent manner through Portfolio Investment Scheme.
On the occasion, Jose K Mathew added 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 a number of accounts and total volume.