Anil Ambani Group firm Reliance Money announced that it will be setting
up operations in Ireland and the UK. The company is looking to tap over
two million non-resident Indian population in the region. Announcing
the foray, R-Money CEO Sudip Bandyopadhyay said, "This is our first
move to reach out to the large base of over 2 million NRIs and PIOs
based in Europe with our unique, cost-effective and efficient bouquet
of products and services. Our presence in Ireland and UK will complement
our efforts to have a larger role in this region."
Ireland is the first European country where R-Money would start its
operations in less than one year of its decision to tap the overseas
markets. R-Money (Ireland) would in turn enter into partnership with
appropriate players in other European countries after getting the necessary
approval from regulatory authorities in the respective countries, he
added. The company has already forayed into the UAE, Saudi Arabia, Africa
and Hong Kong.
After foraying into other global markets, broking and distribution
firm Reliance Money made the first initiative to offer its services
to retail investors in Europe with a strew of financial products. Bandyopadhyay
said the company aims to generate 50 per cent of its revenues from overseas
markets by 2012 and capture a bigger share of the record 195 billion
dollars invested in India last year by overseas funds. Through this
subsidiary - Reliance Money (Ireland) - the Non-Resident Indian entities
and Persons of Indian Origin (PIO) can invest in the Indian market directly
through its capital market and portfolio
management services for as low as USD 50,000.
