i Develop Stocks Advisory

Reliance Money forays into Europe

Anil Ambani Group firm Reliance Money announced its foray into Europe by setting up operations in Ireland and the UK and 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 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.