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Mumbai , Dec. 1

HAVING obtained approval from the Securities and Exchange Board of India (SEBI), ABN-Amro Bank N.V is all set to roll out its mutual fund by February 2004.

The mutual fund will start with an equity capital of $6.25 million. ABN-Amro Bank N.V of Netherlands will hold 75 per cent stake in it while the rest will be held by an individual, said Mr Romesh Sobti, Executive Vice-President and Country Representative (India) on the sidelines of a news conference on Monday.

The asset management company will undertake asset management, portfolio management, investment management and advisory services, investment research and financial consultancy services and will have debt, equity and balanced funds.

Currently, the bank does third party distribution for a host of mutual funds.

ABN-Amro is adding projects to its BPO unit in India. Pilot projects in finance and operations within the wholesale segment for trade in Asia and Europe are being outsourced to its BPO units in Delhi, Mumbai and Chennai.

Fresh recruitments might soon follow, said Mr Hugh Scott-Barrett, COO-designate and board member of ABN-Amro Bank N.V.

The Dutch bank sees great potential in the Indian market and focuses on wholesale banking, consumer banking and asset management as its key areas of business.

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