Macquarie Bank buys 50% in Religare`s wealth management

Sydney-based Macquarie Bank has acquired a 50 per cent stake in Religare Enterprises’ wealth management subsidiary.

The bank has bought the stake at par, but hasn’t disclosed the amount received. The wealth management company would be renamed as Religare Macquarie Wealth.The two companies have entered into a JV with the aim of providing advisory-based wealth management solutions to the fast growing high networth investors (HNIs) in India.

Read more in The Business Standard article.

Foreign retail brokerage majors eye stakes in Indian cos

Attracted by the tremendous potential and phenomenal growth achieved by Indian retail brokerage firms in recent times, a clutch of foreign majors are mulling an entry into the market.

Foreign majors such as the Citigroup, Societe Generale (SocGen), BNP Paribas, Standard & Chartered Bank and Australia-based Macquarie Bank are understood to be contemplating picking up equity stakes in Indian retail brokerages as an easy route to enter the market.

A buoyant stockmarket despite the odd hiccup combined with an increasing appetite for equities among investors, tech convenience of online trading and falling brokerage fees have proved to be the major growth drivers of the industry.

The potential of the Indian market was higlighted recently when nearly 19 suitors stepped forward to claim a stake in leading retail brokerage Sharekhan, amongst the top three such firms in the country.

Read more in The Economic Times article.