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Federal Bank has entered into a strategic partnership with Hedge Equities for providing portfolio investment scheme (PIS) services to NRIs.
A formal agreement was executed here in which Jose K Mathew, EVP & Head — Retail Business, Federal Bank, and Alex Babu, MD, Hedge Equities, exchanged the MoU announcing the tie-up.
Federal Bank is authorised by the RBI to issue permission letter to NRIs on behalf of RBI to transact in the secondary market. The bank has PIS arrangements with eight partners and through these tie-ups, it facilitates NRI clients to invest in shares of Indian companies or convertible debentures on repatriable and non-repatriable basis.
Jose K Mathew, EVP & Head Retail Business, said the bank is competent to cater to all the needs of NRI clients to invest in the Indian stock market and offers PIS services with best-in-class services at extremely competitive rates. He also added that the bank is in the process of doubling the PIS business in terms of the number of accounts and total volume.
According to Alex Babu, Hedge Equities is slowly but surely transiting to a wealth-management company. In the last one year, the company has registered a 100 per cent growth in AUM to ₹750 crore. This is largely contributed by NRIs; and the company expects this growth to continue for the next couple of years.
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