Hinduja Group owned, Amas Bank has acquired 40 per cent stake in Chennai-based broking firm, Patco Investments and Consultancy Services for an undisclosed sum.
The acquisition has come as part of the bank's strategy to expand its presence in the Indian capital markets and would help the lender to build access to onshore wealth management and corporate advisory services, the bank said in a press statement issued here today.
Patco has operations in stock broking, derivatives trading, portfolio and wealth management, NRI services, government securities, advisory and investment banking services.
“The investment is a part of our renewed India focus on and reinforces the strategy of the bank to advise corporations and investors between Europe and India from our Switzerland home base,” Amas Bank's Chief Executive, I Schouker said.
Patco is a member of leading bourses in the country Bombay Stock and Exchange and National Stock Exchange and has plans to foray into currency trading as a member of both NSE and Multi Commodity Exchange, the company said.
“Amas Bank, with its international expertise, global knowledge and financial acumen will help us to differentiate our services and strengthen our standing in the financial markets,” Patco's Chief Executive, M Amarnath said.
Headquartered in Geneva, Amas Bank has operations in Dubai, London, Paris, New York and Mauritius.
Source: Economic Times