Tata Capital today said it will set up a private investment banking business in Singapore in two years.
"Licensing process is to be started soon and the business will be in operation in two years," Tata Capital Managing Director and Chief Executive Praveen P Kadle said here.
He said the broad plan would be to establish a strong private equity and fund management as well as wealth management and securities brokerages.
"This will be our first private banking. In two years, this will surely happen," Kadle said after signing a memorandum of understanding (MoU) with Singapore's Economic Development Board (EDB) to help Indian companies to internationalise their businesses through Singapore.
Tata Capital Pte Ltd (TPCL) has been operating in Singapore since 2008.
Under the MoU, TPCL and EDB would leverage on each other's strengths to reach out to companies in various countries, specifically India, to explore business opportunities in Singapore, he said.
TCPL would facilitate collaboration and information exchange between Indian companies and EDB, and offer relevant strategic advice and financial solutions.
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.
"He said 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.
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, said EDB Director Lee Eng Keat.
He said Indian companies formed the largest business community in Singapore with over 5,000 companies operating out of the city state into the regional business and trading environment.
"These companies have done well," said Lee, adding more companies to take advantage of the Tata-EDB MoU offer to set up regional and international operations in the city state.
"In the last four-and-a-half years, Tata Capital has built a relatively strong focus on financial services areas. Our loan book is close to $4.2 billion," Kadle said.