The publication pointed out that Axis Bank is the second Indian private sector bank after ICICI Bank to provide overseas retail operations. At present, ICICI Bank has retail operations established in the UK and Canada, while Axis Bank has operations in Hong Kong, Singapore and Dubai.
The Economic Times also reported that Axis Bank has signed an agreement with Luxembourg’s Swiss bank Banque Privee Edmond de Rothschild Europe to provide wealth management services to Indians abroad. While Rothschild will choose the funds and stocks for the customers, Axis Bank will handle the customer relationships.
As cited in the Economic Times, Sonu Bhasin, senior vice president and head of wealth management group at Axis Bank, said: The asset management will be with Rothschild while the relationships will be managed by Axis Bank. We will provide equities, derivatives, commodities, real estate, art and other structured products to the overseas Indians. As and when regulations permit, we will offer these services in India, too.
