Edelweiss acquires Religare’s securities business
As part of the deal, Edelweiss Wealth Management will take on pan-India distribution of around 1,250 points of presence, over 1 million clients and employees of Religarebusiness Updated: Dec 20, 2017 13:55 IST
The Edelweiss Group on Wednesday announced the acquisition of Religare Enterprises Ltd’s securities business, which includes securities and commodities broking, and depository participant services.
As part of the deal, Edelweiss Wealth Management will take on pan-India distribution of around 1,250 points of presence, including over 90 branches, over 1 million clients and the employees of Religare. Earlier in 2001, Edelweiss Wealth Management’s acquired Rooshnil Securities and Anagram Capital Ltd in 2010.
Commenting on the announcement, Nitin Jain, CEO, Global Wealth and Asset Management, Edelweiss Group, said, “The favourable macro-economic environment, supported by the growing financialization of savings and rising affluence, has favourably impacted our wealth management business that has seen over 70% growth over the last fiscal.”
According to Rahul Jain, head of personal wealth advisory, Edelweiss Global Wealth Management, said the acquisition of Religare’s business will aid in instantly expanding their geographical reach and distribution footprint and trebling client base.
“We have had interest from many potential suitors for this business and chose Edelweiss because in addition to having the product palette most suitable for our existing clients and partners, they were keen on retaining Religare’s workforce in its entirety, and this was one of our biggest priorities,” said S. Lakshminarayanan, executive chairman, Religare Enterprises Ltd said.
At 10:49am, Edelweiss Financial Services shares were trading at Rs 296.65, up 1.85%, while Religare Enterprises shares were at Rs 73.15, up 4.95% on the BSE.