Mumbai, April 8, 2016: Federal Bank, the Indian Banking major in the private sector, entered into a strategic partnership with Phillip Capital (India) Pvt. Ltd., a subsidiary of the Singapore headquartered Phillip Capital group, for managing NRI Portfolio Investment Scheme (PIS). The tie-up was announced at a customer meet held at Hotel Conrad Centennial, Singapore on 7th of April 2016. On the occasion, Mr. Shyam Srinivasan, MD & CEO, Federal Bank and Mr. Lim Hua Min, Chairman of Phillip Capital Group, Singapore exchanged the MoU announcing the tie-up.
PIS is a route designated by the Reserve Bank of India for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) to invest in Indian Equity Markets for purchase of shares and convertible debentures listed on registered stock exchanges in India. Phillip Capital is an integrated financial house with a global presence that offers a full range of quality and innovative services to retail, corporate and institutional customers. The tie-up with its Indian subsidiary will thus be a significant value-add to the NRI clientele of Federal Bank, particularly those in the non-GCC countries, who can now avail PIS using the wide global network of Phillip Capital and their experience and expertise in providing consistent and world-class customer service.
About Federal Bank:
Federal Bank is a leading Private Sector Bank with a branch network of 1,252 branches and 1,548 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.22 Lakh Crore as at March 31, 2015 and it has earned a net profit of Rs 1005.75 Crore. Bank’s Capital to Risk weighted Ratio (CRAR) stood at 15.46% at the end of March 31, 2015. Federal Bank has its Representative Office at Abu Dhabi that seraves as a nerve centre for NRI customers in the UAE. Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well defined vision for the future as a guidepost to its progress.