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QInvest says to buy 25 pct stake in India's Ambit

QInvest, Qatar's largest investment bank, will buy a 25 percent stake in Mumbai-based Ambit Group for an undisclosed amount, the company said.

The deal, the company's first investment in India, will help Ambit expand its investment banking, advisory and private wealth businesses, the statement said.

The investment “will dramatically accelerate QInvest's ambitions in India, one of the world's fastest growing economies,” QInvest CEO Shahzad Shahbaz said in the statement.

“We see significant opportunities for our clients and ourselves across investment management, investment banking, private equity and brokerage,” he added.

In December, QInvest and Fortis Bank Nederland each committed $50 million to a $200 million sharia-compliant shipping fund aimed at providing financing to investors and ship owners hit by the global crisis.

Last May, QInvest trumped two other bidders to buy a 44 percent stake in the UK's Panmure Gordon, investing 23 million pounds in the 130-year-old stockbroking firm.

QInvest, whose shareholders include Qatar Islamic Bank QISB.QA, has a paid-up capital of $500 million. Ambit's activities include corporate finance, wealth management and private equity.

QInvest's CEO Shahbaz will join Ambit's board, the company said.

Source: Reuters

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