The Hinduja Group is planning to enter the financial services sector in India. The group aims to set up life insurance, non-life insurance and asset management companies. It is also working on new businesses in wealth management, broking and portfolio management services. The group has finalised its partners for setting up a holding company, which will have three business arms offering wealth management, broking and portfolio management services. In a three-way agreement, IndusInd Bank along with AMAS Bank (a private banking entity owned by Hinduja Group in Switzerland) will own a 51 per cent stake while the foreign partner will own the remaining 49 per cent in the holding company. IndusInd Bank officials, however, refused to disclose the name of the foreign partner. In the next stage, the Hinduja Group, through IndusInd Bank and its associate companies and a foreign player, will set up an asset management company.