View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
  2. Company news
March 28, 2012updated 04 Apr 2017 3:42pm

Tata Capital to set up private banking business in Singapore

As a part of its broader ambition to emerge as a major player in the private-banking sector in south-east Asia, the financial services arm of India's Tata group, Tata Capital, has announced that it will set up a private banking franchise in Singapore in the next two years.

By Verdict Staff

Tata Capital managing director and chief executive Praveen Kadle said the broad plan would be to establish a strong private equity and fund management as well as wealth management and securities brokerages.

Tata Capital expects growth for the franchise to be ‘organic’ rather than through the acquisition of account books from other private banks, Kadle said after signing a memorandum of understanding (MoU) with Singapore’s Economic Development Board (EDB).

Under the terms of the agreement, Tata Capital Pte Limited (TCPL), which has been operating in Singapore since 2008, will function as liaison between the EDB and companies from India and other countries looking to invest in the Asian economic hub.

Tata Capital, whose loan book stands at about US$4.2 billion, plans to particularly focus on companies in sectors like manufacturing, IT and healthcare.

Kadle said: "Tata Capital, with its strong corporate customer base and wide range of financial advisory services, is well positioned to help these (Indian) companies with their international ambitions.

"Tata Capital and EDB would help Indian companies leverage Singapore’s regional and international influence and outreach and in return contribute to Singapore’s long-term prosperity," he added.

Commenting on the agreement, EDB director Lee Eng Keat said there is an increasing awareness of the opportunities Singapore, as a strategic business hub, can offer to Indian companies.

"The Indian companies would be able to tap international expertise, both in financial sector and investments, in regional resources from networking in Singapore’s financial hub of 7,000 multi-national corporations, which includes a strong presence of Indonesian and Australia resource-owned groups," Keat added.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy


Thank you for subscribing to Private Banker International