First Gulf Bank ties up with Kotak Mahindra

First Gulf Bank ties up with Kotak Mahindra
Staff Report GULF NEWS Published: January 10, 2008, 00:55

Dubai: 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 wealth creation service which provides a comprehensive range of investment products and services.

"Kotak will provide the specialised expertise to deliver specific solutions for NRIs who have distinct demands. NRIs have complex and differentiated needs related to the fact that they are outside their country of origin.

"These needs, however, present us with a host of wealth management opportunities and we have entered into this agreement to target them with specific services," said Mufazzal Kajiji, head of wealth management at FGB.

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 dirhams and the rupee, 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.