The Geneva headquartered Hinduja Bank has informed that it has increased stake in stock broking and financial services company Paterson Securities to 51 per cent, to expand its presence in India.
The Switzerland based Hinduja Bank said in a statement that it has purchased an additional 11 per cent in Chennai-based Paterson. The bank had previously acquired a 40 per cent stake in Paterson in December 2008.
In a statement, Hinduja Bank Chief Executive Ivan Schouker said, “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,”
Meanwhile Paterson Securities CEO Maitreyan Amarnath had this to say, “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,”
Hinduja Bank has presence in Dubai, London, Paris, New York and Mauritius.