IndusInd Bank Acquires IL&FS Securities Services for Undisclosed Amount
Private sector bank IndusInd Bank on Tuesday announced that it has acquired IL&FS’ brokerage business - IL&FS Securities Services Limited (ISSL).
However, IndusInd Bank refused to disclose the financial details of the deal. Reports claim that the acquisition is an all-cash deal and conclusive agreement has been signed that gives IndusInd Bank 100% ownership of the newly acquired entity.
Reserve Bank of India has already approved the transaction, but the acquisition still awaits other regulatory approvals. The acquisition process will reportedly take nearly three months to complete.
“The acquisition will help us scale up the present capital market business in the bank and bring new specialized products, hitherto not offered by us, to our clients,” said Romesh Sobti, MD &am...