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| Hinduja Bank gets majority in Paterson |
| BS Reporter / Mumbai/ Chennai Dec 08, 2009, 00:21 IST |
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Hinduja Bank (Switzerland) today announced that it has got a majority stake in Chennai-based brokerage Paterson Securities after purchasing an additional 11 per cent stake as part of its foray into the Indian financial services sector. The Geneva-based bank already owns a 40 per cent stake in Paterson which it had purchased in December last.
“This acquisition helps us better service our European clients who are interested in the Indian markets. These clients will now have access to Paterson’s research and advisory services,” said Andreas Luethi, head (global investment solutions), Hinduja Bank.
Hinduja Bank plans to ramp up Paterson’s operations in India and expand into asset management and portfolio management services for which the borkerage already has licences.
Paterson currently has 110 employees, 2500 clients and 30 branches in India.
According to Luethi, the bank wants to increase Paterson’s reach, which is predominantly in southern India, to important financial centres such as Mumbai.
The company will remain a separate entity, and become the central partner for Hinduja Bank in India, for stock broking, corporate finance advisory, research and asset management related services.
“Clear synergies and respective strengths of our institutions will enable us to expand and grow faster.” said Maitreyan Amarnath, chief executive of Paterson Securities.
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