BoB offers wealth management services

Bank of Baroda, India's second largest commercial bank and the only Indian bank licensed by the UAE Central Bank, has launched wealth management services in the UAE, a press statement said.

As a first step in that direction, Bank of Baroda (BoB) entered into an agreement with Reliance Mutual Fund (RMF), India's No1 mutual fund for distribution of RMF scheme through it's branches in UAE.

The agreement was signed by Ashok Gupta, CEO of Bank of Baroda for GCC and Sundeep Sikka, Deputy Chief Executive Officer of Reliance Mutual Fund,

Gupta said: "This is only the beginning. It is our first step towards offering wealth management services. We plan to offer a number of products that are a part of wealth management. These include portfolio management, various mutual fund products, life and non-life insurance products, high-yield derivative products, investments in bonds and securities as well as online trading of equities. Wealth management is no longer limited to high net-worth individuals only, but encompasses the mass affluent. This tie-up will enable BoB customers to have instant access to investment opportunities."

Sikka said changing investment habits has now turned attention towards quality distribution. "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 BoB to ensure we reach all our customers.

"BoB going to be an important link between investors and RMF. We see the bank as an ideal partner to help achieve our goals. We are also confident that this partnership will bring in more investors towards our schemes and build confidence among them."