Mumbai, Dec. 1 (PTI): ABN Amro Bank has received approval from the Securities and Exchange Board of India to set up an asset management company (AMC).

“We have received the nod from Sebi and FIPB and the AMC is expected to commence operations in the first quarter of 2004,” ABN Amro (India) executive vice-president and country representative Romesh Sobti told reporters here today.

The AMC’s 75 per cent stake would vest with ABN Amro NV while individuals would have the balance 25 per cent, he said, adding, the equity capital of the mutual fund entity would be $6.25 million.

ABN Amro NV chief operating officer-designate and member of the board Hugh Scott-Barrett said India was one of the bank’s important market.

The bank’s main businesses in the country were wholesale and consumer banking and asset management, he said.

Referring to the bank’s outsourcing subsidiary, which has bases in Delhi, Mumbai and Chennai, he said they have initiated some pilot projects in the area of finance and operations in the wholesale banking segment for trade in Asia and Europe.