Home
BoB to offer wealth management services in Gulf
Dubai News.Net
Friday 4th July, 2008 (IANS)
Indian public sector Bank of Baroda (BoB) has announced that it would be offering wealth management services in the United Arab Emirates (UAE), and its joining hands with Reliance Mutual Fund (RMF) marked the beginning of this process.
'This is only the beginning. It is our first step towards offering wealth management services,' BoB chief executive for the UAE and Gulf Cooperation Council (GCC) region Ashok Gupta said in a statement here.
BoB and RMF signed an agreement Tuesday, according to which the former will distribute the latter's mutual fund products in the GCC region through its six branches in the UAE and three in Oman.
Apart from the UAE and Oman, the GCC comprises Bahrain, Kuwait, Qatar and Saudi Arabia.
Giving details of the wealth management services BoB planned to offer in the region, Gupta said: 'These include portfolio management, various mutual fund products, life and non-life insurance products, high yield derivative products, investments in bonds and securities and online trading of equities.'
Stating that wealth management was no longer limited to high net-worth individuals alone, he said this new tie-up would help BoB customers in the region to get instant access to investment opportunities.
Earlier, after signing the agreement, RMF deputy chief executive Sundeep Sikka said: 'The situation is in a way a reflection of the increased acceptance of our mutual fund schemes among our overseas investors. The pie is widening and hence the decision to tie-up with Bank of Baroda to ensure we reach all our customers.'
BoB is the only Indian bank having full-fledged operations in the UAE. It has two branches in Dubai and one each in Abu Dhabi, Sharjah, Ras-Al-Khaimah and Al Ain.
It also has two customer service centres at Jebel Ali and Mussafah.
RMF is present in over 300 cities and towns across India. It has an investor base of over 6.5 million and has average assets under management valued at over Rs.984.3 billion.
 Email this story to a friend
Have your say on this story
|
 |
 |
- New Dubai firm to provide advisory services
Dubai, Aug 27 (IANS) The Dubai government has launched a new independent company, The Consulting Office (TCO), which will provide advisory services to public sector organisations in the region. [read story]
- UAE president pardons 700 prisoners ahead of Ramadan
Abu Dhabi, Aug 27 (IANS) President of the United Arab Emirates (UAE) Sheikh Khalifa Bin Zayed Al Nahyan Wednesday granted an executive pardon to 700 prisoners, both UAE nationals and expatriates, lodged in various jails across the country ahead of the Islamic holy month of Ramadan. [read story]
- Sacking of nurses: Indian mission conveys its concern to UAE
Dubai, Aug 27 (IANS) The Indian embassy in the United Arab Emirates (UAE) has conveyed its concern to the authorities here over the termination of services of 160 Indian nurses at a private hospital in Abu Dhabi. [read story]
- 10 Indians killed in Dubai fire accident
Dubai, Aug 27 (IANS) Eleven expatriate workers, including 10 Indians, have died in a fire that engulfed a bachelors' accommodation here that housed around 500 people, officials said Wednesday. [read story]
- ICC President pays tribute to Sir Donald Bradman
Dubai, Aug 27 : ICC President David Morgan today paid tribute to the life of Sir Donald Bradman on the occasion of the centenary of his birth. [read story]
|
|
 |
 |
|
|
