Switzerland-based Hinduja Bank has said it has increased stake in stock broking and financial services company Paterson Securities to 51% to expand its presence in India. With the latest transaction, Paterson Securities has become an Indian subsidiary of Hinduja Bank.
Hinduja Bank (Switzerland) Ltd, part of the Hinduja group, said in a statement that it has purchased an additional 11% in Chennai-based Paterson, in which it had acquired 40% stake in December 2008.
Hindujas-owned Amas Bank (Switzerland) Ltd got renamed as Hinduja Bank very recently. The NRI family, which owns the Swiss bank, has renamed the entity as Hinduja Bank (Switzerland) Ltd. The bank's businesses include stock broking, merchant broking and portfolio management services.
The bank is also present in wealth management, trade finance services and corporate advisory., besides mergers & acquisitions and advice to companies investing in the emerging markets.
The Hindujas are also the promoters of IndusInd Bank in India. The Hinduja Bank of Switzerland has a strategic partnership with this bank. The Swiss bank has also been acquiring entities in Switzerland. Apart from acquiring a 40% stake in one of the oldest stock broking firm of India, Paterson Securities Limited in 2008, it also bought out SchmidtBank (Switzerland) AG, including its two subsidiaries Berafina, Basle and Rowena, St Margrethen, in 2002.