Federal Bank Partners with Hedge Equities for PIS Services to NRIs
18th January 2018: Federal Bank entered into a strategic partnership with Hedge Equities Ltd for providing Portfolio Investment Scheme (PIS) services to NRIs. A formal agreement was executed at Federal Towers, Marine Drive, Ernakulam on 10th of January 2018. On the occasion, Mr. Jose K Mathew (EVP & Head Retail Business, Federal Bank) and Mr. Alex Babu (MD, Hedge Equities Ltd) exchanged the MoU announcing the tie-up.
Federal Bankis authorized by RBI to issue Permission Letter to NRIs on behalf of RBI totransact in secondary market. Presently the Bank has PIS arrangement with8 partners and through these tie-ups, the Bank facilitates NRIclients to invest in shares of Indian companies, in secondary market forpurchase/sale of shares or convertible debentures on repatriable and nonrepatriable basis. On the occasion Mr. Jose K Mathew, EVP & HeadRetail Business said that the Bank is competent to cater to all the needs ofNRI clients to invest in Indian Stock market and offers PIS services with bestin class service at extremely competitive rates. He also added that theBank is in the process of doubling the PIS business in terms of number ofaccounts and total volume.
Mr. AlexBabu, MD of Hedge Equities Ltd added that Hedge is slowly but surelytransiting to a wealth management company. Last one year we have shown growthin AUM by hundred percent to 750 crore. Mostly it is contributed by NRIs and weexpect this growth to continue for next couple of years. The Federal Bank PIStie-up will definitely help smoothen the process and accelerate the growthtrajectory.