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| Hinduja Bank extends Geographical reach in providing financial services |
| Announcement / Banking Feb 17, 2010, 19:04 IST |
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Hinduja Swiss Holding Ltd, holding company of Hinduja Bank (Switzerland) Ltd. (HBS), announces the acquisition of Banca Commerciale Lugano (BCL). BCL will be subsequently merged with HBS, which offers a full range of services covering Wealth Management, Trade Finance, Investment Solutions and Corporate Finance to its Customers.
HBS presently provides services at its five locations in Switzerland (Geneva, Zurich, Lucerne, Basel, St. Margrethen). It covers the Middle-East and the Sub-Continent markets through its fully owned subsidiary Hinduja Bank (Middle East) Ltd based in Dubai, regulated by the Dubai Financial Services Authority, and IndusInd Bank Ltd in India, conceived by HBS Chairman, Mr. Srichand P. Hinduja, which has an extensive network of offices and points of presence in about 1000 centers all over India. HBS provides access to the Indian Capital market via a recently acquired majority stake in a Financial Services company, Paterson Securities Pvt. Ltd.
The latest acquisition adds the third key financial centre in Switzerland, Lugano, to the HBS network, as well as a fully licensed bank in the Cayman Islands. This will enable HBS to provide a bridge to its Customers in Southern and Eastern Europe as well as North, Central and South America linking the Trade Finance and Investment opportunities available in the markets of the Middle East, the Indian Sub-continent and South East Asia. This investment reaffirms the Hinduja Group’s commitment towards meeting the requirements of its Customers to reach financial markets globally while operating from a well established base in the centre of Europe.
“In this acquisition we saw businesses that were aligned with our growth strategy; established Wealth Management and Trade Finance services and an opportunity to link our Customers in South and East European regions as well the Americas with our presence in growing markets of the Middle East, the Sub-continent and the South East Asia”. Mr. Srichand P. Hinduja, Chairman - Hinduja Swiss Holding Ltd and Hinduja Group
The transaction was advised for the buyers, by Bernasconi, Martinelli, Alippi & Partners (legal), KPMG (financial audit) and Hinduja Bank (Switzerland) Ltd (financial advisory).
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