National Bank of Oman has joined hands with Reliance Wealth Management to provide RWM’s investment products to NBO customers, according to media reports.
The agreement was signed by NBO’s General Manager (Retail, Private and Overseas Banking Group) Harsh Munjal and Reliance Securities Executive Director Vikrant Gurnani.
The alliance between National Bank of Oman and Reliance Wealth Management focuses on building ‘tailor-made’ investment product portfolios for NBO’s private banking customers.
Reliance brings in its local expertise in managing India-specific investments, while National Bank of Oman brings the onshore support platform to facilitate client investments, the reports said.
NBO believes the next stage of expansion is to develop its reach beyond basic banking.
National Bank of Oman’s Head of Private Banking and Sadara Wealth Management Moosa Al-Jadidi said: “We are indeed delighted to join hands with Reliance Wealth Management and thereby extend the portfolio of services for our esteemed customers.”
RWM is one of the businesses of Reliance Capital, which is listed on the stock exchanges.
The various financial services under Reliance Capital include life insurance, general insurance, asset management, institutional and retail brokering, housing and consumer finance, investment banking and wealth management.