Federal Bank–Phillip Capital tie-up announced at Singapore
Posted on: 09 Apr 2016 14:23:58
09 April 2016 Current Affairs: Kerala based private sector lender Federal BankBSE 0.93 %, tied up with Phillip Capital (India), a subsidiary of the Singapore headquartered Phillip Capital group, for managing the NRI Portfolio Investment Scheme (PIS). 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-Gulf cooperation council 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.
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