Singapore-based banks are beefing up their operations to manage the USD 25 billion wealth of the city state's 300,000 non-resident Indians (NRIs), who have an investment preference for Indian securities and the rupee.
Singapore's estimated NRI wealth of USD 25 billion is also small vis-a-vis global NRIs' combined wealth of USD 500 billion, but the city state is nonetheless an important centre for banks from the perspective of NRI coverage, Srinivas Siripurapu, Head of South-East Asia and South Asia at Barclays Wealth in Singapore, was quoted as saying. Full story
Related:
Singapore banks beef up operations to cover NRI market - The Economic Times
