IndusInd Bank today said it has entered into an agreement with Infrastructure Leasing and Financial Services (IL&FS) to acquire 100 per cent stake of the latter's securities services subsidiary.
IndusInd will acquire 100 per cent stake in IL&FS Securities Services (ISSL), the bank said in a statement.
ISSL, incorporated in 2007, is a capital market intermediary for professional clearing, depository and custodial services and caters to both retail and institutional clients including over 1,000 brokers, FPIs and FIIs.
IndusInd is already a player in the capital market business with a client base of over 500 brokers, IndusInd Bank Managing Director and CEO Romesh Sobti said, adding the acquisition brings "scale" to the business.
The proposed transaction is conditional on definitive agreements and approvals, including regulatory approvals and is expected to be made effective within the next thee months, the bank said in the statement.
ISSL has a comprehensive platform for various financial services intermediaries with a flow in excess of one million transactions per day, it said.
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