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India’s Edelweiss to buy Religare’s securities business

BBR Staff Writer Published 21 December 2017

India-based financial services firm Edelweiss has agreed to acquire Religare’s securities business for an undisclosed sum.

Under the deal, Edelweiss Wealth Management will acquire Religare’s securities business, including securities and commodities broking, and depository participant services.

The acquisition will add Edelweiss with a pan-India distribution network of around 1,250 points, including over 90 branches, one million clients and employees of the business.

The deal is subject to requisite regulatory clearances and fulfillment of customary terms and conditions.

Earlier, Edelweiss also acquired Rooshnil Securities and Anagram Capital to expand the business.

Edelweiss Group’s global wealth and asset management CEO Nitin Jain said: “The favorable macro-economic environment, supported by the growing financialization of savings and rising affluence, has favorably impacted our wealth management business that has seen over 70% growth over the last fiscal.”

Edelweiss Global Wealth Management’s personal wealth advisory head Rahul Jain said: “The acquisition of Religare's business helps us instantly expand our geographical reach and distribution footprint, while almost trebling our client base.

“We, at Edelweiss, have focused on providing comprehensive wealth management services to the underserved, but highly aspirational and growing affluent segment that includes MSMEs, salaried individuals and the self-employed.”

Edelweiss offers a range of financial products and services to different clients such as corporations, institutions and individuals.

The company’s business units are divided into credit, franchise and advisory and insurance.

Through its underlying subsidiaries and operating entities, Religare Enterprises provides an integrated suite of financial services, including loans to the SMEs, affordable housing finance, health insurance and capital markets.

Image: Edelweiss Wealth Management to acquire Religare’s securities business. Photo: courtesy of adamr / FreeDigitalPhotos.net.