India’s Edelweiss Financial Services has agreed to buy the securities business of local firm Religare Enterprises for an undisclosed sum.
The deal, currently subject to regulatory approvals, includes securities and commodities broking, as well as depository participant services of Religare.
The acquisition will add around 1,250 points of presence including over 90 branches across India and nearly 1 million clients to Edelweiss’ portfolio. All employees of the acquired entity will join Edelweiss as part of the deal.
Edelweiss Global Wealth Management head of personal wealth advisory Rahul Jain said: “The acquisition of Religare’s business helps us expand our geographical reach and distribution footprint, while almost trebling our client base.”
Edelweiss Group CEO of global wealth & asset management Nitin Jain added: “The complementary nature of Religare’s business to our wealth management platform made for an attractive choice, as it expands our offering and supports our growth plans.”