(Bloomberg) -- Oversea-Chinese Banking Corp.'s private bank plans to form a partnership with Edelweiss Group that allows wealthy Indians to access the Singapore firm's investment offerings.
Bank of Singapore and Mumbai-based Edelweiss signed a memorandum of understanding that will give each firm's clients access to the other's products, they said Thursday in a joint press release. Edelweiss' wealth-management arm advises on assets worth $14.4 billion, according to the release.
India is the third largest wealth market in Asia after Japan and China, with some $1 trillion worth of assets held by India's millionaires as of 2017, according to the latest report by Capgemini SE. The onshore wealth management market is dominated by Indian firms, mainly due to the country's capital controls which limit funds flows overseas.
“This is the first time that an Indian wealth manager of Edelweiss' size and stature is partnering with an offshore private bank,” the statement said.
Bank of Singapore, the eighth largest private bank in Asia excluding China, said in the statement that it has more than 80 bankers serving overseas Indian and South Asian clients from offshore locations including Dubai and Singapore. It said the partnership with Edelweiss will facilitate investment in India by non-resident Indian clients.
Read how Bank of Singapore is expanding services for wealthy Indian from overseas
Last year, the bank signed a similar agreement with Tokyo-based SMBC Trust Bank, a unit of Sumitomo Mitsui Banking Corp.
To contact the reporter on this story: Chanyaporn Chanjaroen in Singapore at cchanjaroen@bloomberg.net
To contact the editors responsible for this story: Marcus Wright at mwright115@bloomberg.net, Paul Panckhurst
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