"We already have our presence in Oman and Dubai and our presence in SA will further compliment our efforts to have a larger role in the region," Reliance Money Director and CEO Sudip Bandyopadhyay said.
Reliance Money along with Riyada Consulting will launch a new company, Riyada Reliance Money, that would raise riyal 200 million (about Rs 238 crore) from Gulf Institutional investors by diluting stake, Reliance Money said in a statement.
RRM would be seeking local regulatory approvals for launching its operations and also raising funds for expanding its operations. "Reliance Money, however, will retain management control post any dilution," Bandyopadhyay added.
"This new venture will launch a range of brand new set of services in Saudi Arabia offering a cost-effective and efficient platform to transact in financial instruments to investors," Riyada Consulting President Shaikha Dheya Al Khalifa said.
The venture would be offering broking, corporate finance, investment banking, advisory, custody and asset management services in the local market
The company has presence in Oman, UAE and Hong Kong and plans to expand its operations in over 15 countries spread across Europe, North Africa, the Middle East and South East Asia by 2009.
