Rel Money forays into Europe

Written by Markets Bureau | Mumbai, Aug 29 | Updated: Aug 30 2008, 08:25am hrs
Reliance Money, the broking and distribution arm of Anil Dhirubhai Ambani Group (ADAG), announced its foray into European markets on Friday. The company, in a bid to expand its global footprint, will set up operations in Ireland and the United Kingdom (UK). With this, Reliance Money's presence spans three continents: Asia, Europe and Africa; it envisages reaching 15 countries by the end of 2008.

Sudip Bandyopadhyay, director and CEO, Reliance Money said, This is our first move to reach out to over 2 million NRIs and PIOs in Europe with our bouquet of products and services. Our presence in Ireland and the UK will complement efforts to assume a larger role in the region.

Reliance Money provides customers with access to equities, equity and commodities futures, mutual funds, life and general insurance products, and off-shore investments.

The company will also offer its portfolio management services in Europe at a threshold level of $50,000. The newly incorporated company Reliance Money (Ireland) will enter into partnerships with appropriate players in other European countries after getting necessary approvals from regulatory authorities in respective countries. We aim to generate 50% of our revenues from overseas markets by 2012 as well as capture a bigger share of overseas funds invested in India, said Bandyopadhyay. Last year, a record $195 billion was invested in India by overseas funds.