India’s Religare in tie-up with Bahrain bank

September 23rd, 2008 - 4:41 pm ICT by IANS  

Dubai, Sep 23 (IANS) The Bank of Bahrain & Kuwait (BBK) has entered into an agreement with leading Indian financial group Religare to provide portfolio management services (PMS) to expatriate Indians in Bahrain and Kuwait.The agreement was signed between the Bahrain-based BBK and Religare at Manama, according to a BBK statement.

“With Religare, we saw a window of opportunity for our NRI (non-resident Indian) relationships to be able to invest back home,” said Ashish Sarkar, BBK’s assistant general manager and head of PMS.

“When the service is backed by a sound investment research and smart portfolio strategy, we are sanguine it will serve the specific financial goals of our discerning customers,” he added.

Religare’s head of PMS Rajesh Samtani said his company tied up with BBK because the latter had a strong reach with the expatriate Indian community in Bahrain and Kuwait.

“We recognise the potential of this region and we are very glad that BBK agreed to back us as we want to be the investment gateway to India,” he said.

There are around 290,000 expatriate Indians in Bahrain and 550,000 in Kuwait.

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