Bank of Singapore signs deal with Edelweiss group for better access to products

The Edelweiss group and Bank of Singapore Thursday signed an agreement to provide their clients access to each others' products. Bank of Singapore has a wide range of global investment solutions offered through its open-architecture platform while Edelweiss offers wealth management solutions and investment opportunities.

"Our combined network, business knowledge, and decades of on-ground experience in the financial services space will act as catalysts to our joint ambition of providing the best- in-class solutions to our collective clientele," Edelweiss group chairman Rashesh Shah said in a statement. The partnership will allow Bank of Singapore to significantly raise its profile in the country's growing wealth market.

Edelweiss's wealth management arm has assets under advice of USD 14.4 billion. The country's total personal wealth is expected to top USD 5 trillion by 2022, according to Boston Consulting Group. The Singapore-headquartered private sector bank's NRI clients will benefit from this partnership as it will offer a wider range of investment opportunities.

(With inputs from agencies.)