Awards for Distinction 2013 – NRI Services


AFD2013_Best Private Bank - NRI Services

Deutsche Asset & Wealth Management

Amrit Singh

Amrit Singh
Managing Director and Head of Global South Asia and Australia
Deutsche Asset & Wealth Management

An estimated US$110 billion in investible assets and a seemingly insatiable appetite for corporate acquisitions, real assets and tactical products have made the increasingly moneyed Indian diaspora an attractive target for most private banks in the region. However, the speed at which this wealth is generated and the geographical spread over which it is deployed, along with acute price sensitivity, make servicing NRI clients a daunting – and difficult – affair.

Deutsche Asset and Wealth Management (DeAWM) has proven itself to be up to the challenge. A dedicated team of 72 bankers across London, Geneva, Zurich, Dubai, Singapore and Hong Kong and a demonstrated ability to customise products and services to the NRI market have helped the bank grow revenues from the segment by 50% over the last two years and by 20% over 2013.

Indeed, 2013 was a landmark year for the NRI banking team as DeAWM became the first bank in India to capitalise on the Reserve Bank of India’s window to swap fresh Foreign Currency Non-Resident (Bank), or FCNR (B) as they are more popularly known, dollar funds. Raising US$450 million from ten of its NRI clients and swapping it with the Indian central bank, DeAWM helped these clients to invest in Indian paper for three years at a fixed rate of 3.5% a year. Because it was the first bank to access the swap window, the deal was seen as an affirmation of DeAWM’s position as a market leader for NRI clients.

DeAWM has also demonstrated strength in another area of priority for global Indian clients – the acquisition of real estate assets. Leveraging on the depth of its in-house expertise as well as the strength of its balance sheet, DeAWM has helped NRI clients buy trophy real estate assets in Europe with large ticket sizes, structuring as well as financing many of these deals.

Of the many banks competing in this category, DeAWM has been able to differentiate itself because its onshore banking licence in India allows the bank to offer NRI clients with a home-market bias, extensive product and services capabilities. From Indian rupee-denominated accounts, onshore lending capabilities, the ability to monetise onshore stock portfolios for Indian clients including single stocks and direct access to Indian capital markets, equities, treasuries and fixed income investments, DeAWM’s NRI clients have full access to tactical and strategic investment tools should they wish to invest in their home country.

For these reasons, Deutsche Asset and Wealth Management has proven itself to be the deserved winner of the award for Best Private Bank – NRI Services for the second consecutive year.