ABN Amro Bank NV plans to launch its banking products for non-resident Indians (NRIs) in April this year.
The project, to be run by its India arm, will be initially launched in Dubai and Singapore and later expanded to the US and the UK. The bank will also shortly launch its credit and debit card products in the country.
ABN Amro is looking at offering complete wealth management to NRIs in addition to accounts and bank deposits. Executive vice-president and country representative (India) Romesh Sobti said: "The global citizen project for NRI banking is driven by India, but it will offer investments in securities and bonds in the country as well as overseas".
ABN Amro will offer NRIs a single-bank account across the globe, said Sobti. "NRIs will be able to see the flow of money and control their wealth and investments," he said.
"Our focus will be on wealth management rather than on the liability side as the idea is not to mop up deposits," said Sobti. NRIs through this global account can invest in funds, equity, real estate in India and abroad.
Citibank was among the first foreign banks to offer this product to NRIs, also targeted at wealth management. Identifying Dubai as the hub, Sobti said Singapore is a strong centre for convergence given its central location in Asia. ABN Amro will use its network of branches worldwide to service non-resident Indians.
On whether allowing foreign banks to pick up to 49 per cent in private banks would help ABN Amro's NRI banking foray, Sobti said it would not. "Inward flow is not a major part of this NRI product. We do not need a larger domestic catchment area through local branches, hence a network is not critical," said Sobti.
