The Edelweiss Group on Wednesday announced the acquisition of Religare Enterprises Ltd.’s securities business, which includes securities and commodities broking, and depository participant services.
The deal will see Edelweiss Wealth Management take on the pan-India distribution of around 1,250 points of presence, including over 90 branches, over 1 million clients and the employees of Religare, the company said in a statement.
“The favourable macroeconomic environment, supported by the growing financialization of savings and rising affluence, has favourably impacted our wealth management business that has seen over 70% growth over the last fiscal,” Nitin Jain, CEO, Global Wealth and Asset Management, Edelweiss Group, said.
The acquisition of Religare’s business will aid in instantly expanding their geographical reach and distribution footprint and trebling client base, Rahul Jain, head of personal wealth advisory, Edelweiss Global Wealth Management, said.
“We have had interest from many potential suitors for this business and chose Edelweiss because, in addition to having the product palette most suitable for our existing clients and partners, they were keen on retaining Religare’s workforce in its entirety, and this was one of our biggest priorities,” said S. Lakshminarayanan, executive chairman, Religare Enterprises Ltd said.