 "Federal Bank to acquire 26% strategic stake in Equirus Capital")
Kochi-based private lender Federal Bank will pick up 26 per cent strategic stake in Equirus Capital Pvt Ltd (ECPL) to make entry into investment banking and capital market space. Bank did not disclose the deal value.
The Investment is driven by the need to increase the product offerings to wholesale clients by offering comprehensive financial solutions for Debt & Equity Capital Markets, Structured Finance, Capital Market products and Advisory.
Ganesh Sankaran, Executive Director, Federal Bank in a statement said the transaction would help the bank to offer a wider set of offerings to the wholesale and retail customer base. With a shift in client preferences, foray into Investment Banking will help us participate in opportunities and instruments beyond traditional banking products. It will also aid in providing wealth management offerings to over seven million customer base and Non-Resident Indians.
Ganesh Sankaran, Executive Director, Federal Bank in a statement said the transaction would help the bank to offer a wider set of offerings to the wholesale and retail customer base. With a shift in client preferences, foray into Investment Banking will help us participate in opportunities and instruments beyond traditional banking products. It will also aid in providing wealth management offerings to over seven million customer base and Non-Resident Indians.
The board of bank has approved investment proposal. The deal is subject to statutory and regulatory approvals and satisfactory completion of financial and legal due diligence.
Ashvin Parekh Advisory Services were the sole advisors to Federal Bank.
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