Axis Bank Woos NRI Investors

The re-branded Axis Bank is venturing into retail banking operations overseas, with an eye on managing the investments of NRIs.

ICICI Bank is the only other Indian private sector bank catering to this niche market, with retail operations in the UK and Canada.

Axis Bank is running branches in Hong Kong, Singapore and Dubai, and has
a representative office in Shanghai. As the UTI bank, it offered capital
market services from its overseas branches.

Axis would be expanding its overseas services to tap NRI investments
and wealth management services through the Luxembourg based Banque Privée Edmond de Rothschild Europe.

Rothschild has a presence in 19 countries, managing USD 100 billion worth
assets through 30 offices.
Rothschild will manage the assets while Axis would manage the relationships.

NRIs would be offered a range of investment options like equities, derivatives,
commodities, real estate and art. These services will be extended to
clients in India in due course.

The RBI permits Indians to invest upto USD 1,00,000 per annum in deposits,
though structured products are yet to be tapped.

Indian banks are waking
up to the investment potential of the NRI, and a number of multinational
banks like the Citibank, HSBC and Stanchart are also pursuing the overseas
segment.

As per the arrangement, funds, stocks and currencies will be selected
by Rothschild, though Axis will decide on the Indian products.