Reliance Money enters UK, Ireland; eyes Eurozone
29 Aug 2008
Mumbai: Reliance Money, the broking arm of Anil Ambani Group firm Reliance Capital, has launched operations in the UK and Ireland as the company moves to tap the investing capacity of the over two million overseas Indians in Europe.
The first initiative by the company in Europe, Reliance Money (Ireland) will offer a comprehensive range of financial services to retail investors in the European markets.
Reliance Money provides customers with access to equities, equity and commodities futures, mutual funds, life and general insurance products and off-shore investment. It would also offer its portfolio management services in Europe at a threshold level of as low as $50,000, the company said in a website release.
''This is our first move to reach out to the large base of over 2 million NRIs and PIOs based in Europe,'' Sudip Bandyopadhyay, chief executive of Reliance Money, said in the statement.
''Our presence in Ireland and the UK will complement our efforts to have a larger role in this region,'' he added.
Reliance Money, which already has operations in Hong Kong, where it is partnering a local firm, and a joint venture in Saudi Arabia, is targeting to raise half of its revenue from overseas by 2012.
Ireland is the first European country where Reliance Money would start operations in less than one year of its decision to tap the overseas markets.
Reliance Money (Ireland) is awaiting necessary regulatory approval to enter into partnerships with local companies and those in other European countries, to capture a larger share of the record $195 billion that overseas funds invested in India last year.
With its office in Dublin (Ireland), Reliance Money now enjoys 'passport facility,' allowing it to operate in the whole of Eurozone with minimal regulatory clearance.
The company already has a presence across three continents with operations in the UAE, Dubai, Muscat, Saudi Arabia, Nigeria, Africa and Hong Kong. The company is also planning to set up offices in Kuwait, Qatar, Bahrain and Malaysia.