Hinduja Bank (Switzerland has acquired a majority stake in Paterson Securities with an additional purchase of around 11% of the Chennai, India-based stock broking and financial services firm. This operation follows Hinduja Bank’s 40% participation in Paterson, in December 2008.
Paterson serves a diversified group of customers comprising financial institutions, large corporate groups, high net-worth individuals and retail clients. Over the last year, it has expanded from 15 to 30 branches, and increased its transaction volume significantly.
Following a successful collaboration started in December 2008, Paterson Securities has become a key platform for the banking group in its integrated offer of access to India. The company 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.
Ivan Schouker, CEO of Hinduja Bank (Swizterland), said: “Our close collaboration with Paterson’s leaders and employees has convinced us of the important role that the firm can play in the Banking Group’s expansion in India. We are excited to further strengthen our global and local services together.”
Maitreyan Amarnath, CEO Paterson Securities, said: “The clear synergies and respective strengths of our institutions will enable us to expand and grow faster. The Paterson team is well geared to contribute to the Banking Group’s growth.”
