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Swiss Sarasin group to enter Indian market

Swiss Sarasin group to enter Indian market
PTI
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First Published: Tue, Jun 23 2009. 07 12 PM IST
Updated: Tue, Jun 23 2009. 07 12 PM IST
Dubai: Swiss private bank, Bank Sarasin & Co, today announced its entry into the Indian market and said that it would open offices in Mumbai and Delhi on July 1.
The group’s first presence in the country is incorporated as Sarasin-Alpen (India) Private Limited, which is a non-fund based non-banking financial company (NF-NBFC), a press release issued here said.
The new operation would provide financial advisory and consultancy services to wealthy private clients in India and distribute select prime third-party products such as mutual funds.
Various agreements have been established with organisations in India to enable Sarasin-Alpen (India) to distribute its funds and portfolio management services, the release said.
“As the sustainable Swiss private bank, we look forward to providing innovative financial advisory solutions matching the requirements of our discerning and growing Indian client base,” Bank Sarasin & Co, Switzerland, CEO, Joachim H Straeble, said.
“The Indian markets have shown early signs of recovery and India will become one of the world’s economic engines. Hence, it is a very important market for us and we have strengthened our presence in India through this launch,” the bank’s head of private banking, Fidelis M Goetz, said.
The Sarasin group’s majority shareholder is the AAA-rated Dutch Rabo bank.
“The Sarasin group has its roots as a boutique bank and is committed to providing its top-quality products and services to a growing number of wealthy private clients,” the release said.
The launch of the operations in India and the opening of the new offices in Mumbai and Delhi mark the Sarasin group’s commitment to expanding its presence in south Asia and the next stage in the successful implementation of the group’s international growth strategy, it added.
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First Published: Tue, Jun 23 2009. 07 12 PM IST