Business Daily from THE HINDU group of publications
Friday, Apr 20, 2007
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Business Daily from THE HINDU group of publications Friday, Apr 20, 2007 ePaper |
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Markets
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Financial Services Money & Banking - Mergers & Acquisitions Our Bureau
JOINING HANDS: Mr Paresh Bhagat (left), CMD, Mangal Keshav Group, with Mr AbdulMalik bin Abdullah Al Khalili, Chairman, BankMuscat, at a press conference in Mumbai on Thursday. - Paul Noronha
Mumbai April 19 BankMuscat has acquired 43 per cent stake in the holding company of the Mangal Keshav Group. Company officials, however, did not disclose the value of the deal. "Since we had a presence in commercial banking in India through our investment in Centurion Bank of Punjab, we were exploring opportunities in other segments of the financial services sector. Mangal Keshav would be our vehicle for exposure to the growing Indian securities market," said Mr AbdulMalik bin Abdullah Al Khalili, Chairman, BankMuscat. The Bank had been seeking investment opportunities in India for the past three years, he added. BankMuscat currently holds a stake of 21 per cent in Centurion Bank of Punjab. Mr Sunder George, Deputy Chief Executive, BankMuscat, said it was open to more acquisitions in north and south India in the financial services space. The bank would pick up strategic stakes in companies to expand its presence, he said
Mangal Keshav
BankMuscat is the largest bank in Oman with assets worth over $7.7 billion. The Mangal Keshav Group is based in Mumbai and has 20 branches and 220 franchisees with a client base of 35,000. The company has a presence in securities trading, commodities trading, insurance broking and IPO as well as mutual fund distribution. Mr Paresh Bhagat, Chairman and MD, Mangal Keshav Group, said the investment would help fund its expansion plans. "This will help us strengthen our retail base by opening new branches, getting more channel partners and also extending the reach of our online trading platform. Mangal Keshav also plans to build its NRI institutional business in the Gulf region on the back of BankMuscat's existing relationship base," he said The company will apply to the RBI to set up an asset management company in the next six months.
More Stories on : Financial Services | Mergers & Acquisitions | Foreign Banks
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