The race to gain a foothold in the burgeoning Indian wealth management sector is heating up with reports in the local media that Merrill Lyn...

The race to gain a foothold in the burgeoning Indian wealth management sector is heating up with reports in the local media that Merrill Lynch has applied for a banking licence in the country. According to a DSP Merrill Lynch spokesperson quoted in the Indian Economic Times: “The proposed bank will offer derivatives products like interest rate and currency swaps and extended guarantees to corporates, besides private banking.” DSP Merrill Lynch is a joint venture between Merrill Lynch and India's DSP Financial Consultants Ltd. Merrill could initiate the process of obtaining a license within the next few months, the report says. Goldman Sachs Group and Lehman Brothers Holdings are also keen to have banking operations in India, the report added.