Federal Bank Enters into Two More Strategic Tie-ups for Offering PIS Services to NRIs

Federal Bank

Kochi: Federal Bank has entered into a strategic partnership with two new broking partners, Celebrus Capital Ltd. and Fortune Wealth Management Co. India Pvt. Ltd., for providing Portfolio Investment Scheme (PIS) services to NRIs.

A formal agreement in this regard was signed at a function held at Federal Towers at Marine Drive here the other day. On the occasion, Jose K Mathew, EVP & Head – Retail Business, Federal Bank and Ravi Ranjit, DVP – Retail Business, Federal Bank, exchanged the MoU documents 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 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 expressed hope that the tie-up between the two institutions would 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 said that the tie-up with Federal Bank will immensely help Celebrus Capital to offer available investment opportunities in the Indian Capital market to NRI investors at a transparent manner through Portfolio Investment Scheme.

Speaking on the occasion, Jose K Mathew said that the Bank is competent to cater to the needs of NRI clients who invest in Indian stock market and offer best PIS services 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.