First Gulf Bank (FGB), one of the UAE’s leading financial institutions, has stepped up its offering to the country’s vast non-resident Indian (NRI) market through a tie-up with India’s leading and fastest growing financial conglomerates Kotak Mahindra Group.

The tie-up will benefit FGB’s expanding First Wealth client base – customers who utilise the bank’s bespoke wealth creation service which provides a comprehensive range of investment products and services tailored to the financial planning needs of local and expatriate clientele.

The tie-up will enable remittances to go directly from FGB to Kotak, provide access to a dedicated ‘Value Account’ which enables holders to hold savings in both banks in UAE Dirhams and the Indian Rupi, gain access to brokerage and insurance products as well as more than 250 India-based mutual funds and offer convenience with cheques being able to be issued on either bank and cleared by the other.

This is in addition to FGB’s First Wealth services which also oversee client’s other investment portfolios such as health plans, savings and insurance, offering a holistic personal finance management service ensuring unparalleled efficiency.

‘With the economy growing at over 8% and the Sensex delivering close to a 50% return in 2007, India is fast emerging as a key economic force on the world map. We are now the third largest private sector bank in India in terms of market capitalization and have 150 bank branches. Having presented resident Indians with great investment opportunities in the past, we are now keen to offer high quality investment solutions to NRIs and foreign nationals. We are confident that through this alliance between Kotak and FGB we shall be able to complement each other’s efforts to present the best investment opportunities to the investors in the UAE,’ said Somer Massey, Director International Business.

The move is also a further widening of FGB’s product and client base as it continues its drive to evolve into a full-service, international financial institution.

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