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* Oman Arab Bank launches India centric wealth management productsInvestment Management Group to offer financial products and services to potential investors in Oman including non-resident Indians, Omanis, other nationals, corporate and non-corporate bodies.
The new financial product was formally launched in the presence of Anil Wadhwa, Indian Ambassador to the Sultanate, Abdul Kader Askalan, CEO of Oman Arab Bank and S A Narayan, Managing Director of Kotak Securities Ltd. OAB and Kotak Securities will offer a wide array of financial products investing in India through Indian rupee and US dollar routes including diversified large-cap, mid-cap, thematic equity funds, long- and short-term debt funds and money market products.
Kotak Securities along with OAB also plans to unveil real estate, infrastructure and other Indian and international products to the wide investor base in Oman. The qualified and trained financial professionals based at investment management group of OAB will cater to the wealth management needs of the potential investors in Oman. The bank is also entering into an arrangement with Kotak Mahindra Bank, India to offer easy and efficient fund transfer facilities to India.
The event was attended by existing as well as potential clients of the bank including high net worth individuals and pension funds. Several senior executives of the bank were also present at the event. Lo'ai Bataineh, DGM-IMG, OAB said that the IMG group will offer these products and services to the existing and potential non-resident Indians, Omani and other national customers including corporate and non-corporate bodies of OAB through its branches and offices network in Oman. "The response to the alliance has been overwhelming.
With India being the second fastest growing economy in the world and set to grow at 8.5 to 9 per cent in the next 3 to 5 years, we expect the India Access brand to do well," said Somer Massey, Director, Kotak Mahindra International Ltd. IMG at Oman Arab BankOman Arab Bank was established in 1998 and has built up a very strong track record in asset management and corporate finance. Currently, it has around $400 million assets under management and has managed issues worth $300 million, including initial public offerings, right issues and private placements.
Kotak Mahindra Group is one of the largest financial conglomerates in Indian financial markets having presence in banking, insurance, stock broking, investment banking, consumer loans and car loans. The group manages assets worth $9.5 billion serving 3.2 million customers worldwide and is present in New York, London, Dubai, Mauritius, Singapore and 340 locations in India.