Switzerland-based Hinduja Bank today said it has increased stake in stock broking and financial services company Paterson Securities to 51 per cent, to expand its presence in India.
Hinduja Bank (Switzerland), part of Hinduja group, said in a statement that it has purchased an additional 11 per cent in Chennai-based Paterson, in which it had acquired 40 per cent stake in December 2008.
With the latest transaction, Paterson Securities has become an Indian subsidiary of the Swiss bank.
"Our close collaboration with Paterson's leaders and employees have convinced us of the important role that the company can play in the banking group's expansion in India. We are excited to further strengthen our global and local services together," Hinduja Bank Chief Executive Ivan Schouker said.
Paterson Securities will remain a separate entity and become the central partner for Hinduja Bank in India, for stock broking, corporate finance advisory, research and asset management related services.
"The clear synergies and respective strengths of our institutions will enable us to expand and grow faster. The Paterson team is geared to contribute to the Banking group's growth," Paterson Securities CEO Maitreyan Amarnath said.
The Hinduja Group-owned Amas Bank (Switzerland), in March this year, had changed its name to Hinduja Bank.
Headquartered in Geneva, Hinduja Bank has presence in Dubai, London, Paris, New York and Mauritius.