Hindujas-owned Amas Bank (Switzerland) Ltd will be known as Hinduja Bank from now on. 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.
SP Hinduja, chairman, Hinduja group, said, "According to Swiss banking custom, wherever there is a family promoter, the family name is part of the bank's name. We have introduced our name, not only in the bank, but also in all other group companies. This will provide a collective strength to our group's various sectors."
The Hindujas are also the promoters of India's IndusInd Bank. The Hinduja Bank of Switzerland has a strategic partnership with this bank. The Swiss bank has also been acquiring entities in Switzerland. It acquired a 40% stake in one of the oldest stock broking firm of India, Paterson Securities Limited, while it also bought out SchmidtBank (Switzerland) AG, including its two subsidiaries Berafina, Basle and Rowena, St Margrethen, in 2002.
Hinduja Bank has India plans such as venturing into wealth management, brokerage and merchant banking activities.
