IndusInd Bank acquires brokerage firm IL&FS Securities Services

MUMBAI: IndusInd Bank will acquire brokerage firm IL&FS Securities Services in an all-cash deal subject to regulatory approvals, the bank said in a statement.

IL&FS Securities an arm of Infrastructure Leasing and Financial Services Ltd, (IL&FS) also includes depository and custodial services. It has 1,000 brokers, FPI’s and FII’s as clients. The value of the deal was not disclosed.

This acquisition will help IndusInd add to its existing base of more than 500 brokers.

“This acquisition brings scale to this business, complements our current product offerings and fits nicely into our strategy of creating differentiated businesses with domain expertise. We look forward to welcoming ISSL customers and employees into the growing IndusInd family,” said Romesh Sobti, CEO, IndusInd Bank.

The proposed transaction is expected to be made effective in three months after regulatory approvals, the bank said.

IL&FS Securities’ revenues have risen to Rs 277.6 crore in fiscal 2016 from Rs 255.3 crore in fiscal 2015 and Rs 203.7crore in fiscal 2014.