The private bank has hired a seasoned executive to lead its push into the NRI market, as it continues to grow its Asian business.
In line with its strategic plan to grow its presence in the Asia Pacific market, EFG Singapore has hired Manoj Ramarao as managing director and head of its Global South Asia team, which caters to wealthy non-resident Indians (NRIs), «Hubbis» reported.
In his new role based in Singapore, Ramaro will work closely with Oliver Balmelli, EFG deputy CEO and Singapore private banking head, to grow the firm's Global South Asia team and business.
Ramaro has extensive experience working with the non-resident Indian market. According to Ramaro's LinkedIn profile, he was most recently an executive director and team head for the Sub-Continent & NRI South Asia division of the Bank of Singapore, where he worked for over 11 years. He was also a relationship manager in charge of NRIs at ABN AMRO Singapore for almost three years.
Asia Pacific Priority
Given the region's strong economic growth and the burgeoning number of high net worth individuals, building the EFG brand name and reputation is a priority for the firm, Balmelli said an interview with «Hubbis» last month. He also said that EFG is looking to hire experienced CROs and expand into markets like Indonesia, Thailand, segments of the NRI business, as well as the Independent Asset Managers or External Asset Management market.
EFG acquired 51 percent of Australian financial service provider Shaw and Partners in March. It currently has 246 CROs in Asia Pacific and CHF30 billion ($30.09 billion) in assets under management as of end-June 2019.
