Federal Bank entered into a strategic partnership with two new broking partners, Celebrus Capital Ltd & Fortune Wealth Management Co. India Pvt. Ltd for providing Portfolio Investment Scheme (PIS) services to NRIs.
A formal agreement was executed at Federal Towers, Marine Drive, Ernakulam. On the occasion, Jose K Mathew, EVP & Head – Retail Business, Federal Bank & Ravi Ranjit, DVP – Retail Business, Federal Bank, exchanged the MoU with Giby Mathew, Managing Director, Celebrus Capital Ltd and Jose C Abraham, Managing Director, Fortune Wealth Management Co. India Pvt. Ltd, respectively.
With the introduction of these two new arrangements, the Bank has partnered with nine broking companies, through which the Bank facilitates NRI clients to invest in shares of Indian companies, in secondary market for purchase/sale of shares or convertible debentures on repatriable and non repatriable basis.
Jose C Abraham, Managing Director, said that Fortune Wealth Management Co. India Pvt. Ltd, Coimbatore’s Leading Stock Broking Company is proud to associate with Federal Bank, one of India’s most dynamic private sector banks. He also mentioned, “together we will facilitate NRI investment in India's vibrant equity markets through the ‘Portfolio Investment Scheme’ of Reserve Bank of India”.
He believes that this tie up between the two institutions will emerge as a very customer friendly and hassle free mechanism for Indians living abroad to invest in Indian equities without losing the NRI status of their savings. Giby Mathew, Managing Director, Celebrus Capital Ltd mentioned that the tie-up with Federal Bank will immensely help Celebrus Capital to offer the available investment opportunities in the Indian Capital market for NRI Investors at a transparent manner through Portfolio Investment Scheme.
On the occasion Jose K Mathew, EVP & Head, Retail Business Department, Federal Bank added that the Bank is competent to cater to all the needs of NRI clients to invest in Indian Stock market and offers PIS services with best in class service at extremely competitive rates. He also added that the bank is in the process of doubling the PIS business in terms of number of accounts and total volume.
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