Religare enters Sri Lanka
|
Exchange of the agreement by Religare
Enterprises Group CEO Shachindra Nath and Bartleet
TransCapital Group Director Indrajith Fernando. |
Sri Lanka’s hi-octane stock market will reach new horizons with the
entry of the global financial services giant Religare Enterprises
Limited (REL) in a milestone strategic alliance announced today with
Bartleet TransCapital.
The New Delhi-headquartered Religare Group plans to establish its
footprint in Sri Lanka initially in stock broking by taking a 50 per
cent stake in Bartleet Mallory Stockbrokers (BMS), the announcement
said. The transaction is subject to regulatory approval. Bartleet
Mallory Stockbrokers which is fully-owned by Bartleet TransCapital has
decided to increase its share capital to accommodate Religare
Enterprises.
The partnership will bring in best practices in non-banking financial
services including broking operations to the Sri Lankan market and
leverage Bartleet’s established brand reputation, client relationships
and market leading stock broking presence in Sri Lanka to attract more
international investors to the Colombo Stock Exchange and to facilitate
an extension of services to regional markets such as Bangladesh,
Maldives and Pakistan, Bartleet TransCapital Chairman and former Central
Bank Governor A S Jayawardena said.
|