Knight of Scotland's i-bankers join Religare

The Knight of Scotland Bank is losing people to the investment banking arm of Delhi-based Religare Enterprises. According to sources, the investment banking team of Knight of Scotland Bank is on their way out to join the Indian financial services major.

A Religare spokesperson declined to comment on the matter. Religare���s presence in India���s highly-competitive investment banking business was minuscule, as it was pitted against the likes of huge foreign banks, in addition to local heavyweights as well.

As per NSE league tables, Religare has managed three issues (IT People, Tubeknit Fashions and GSS America Infotech) since 2007. The beefing up of the team has come at a time when several companies are coming out with public issues and private placements.

(Contributed by Reena Zachariah & Shailesh Menon)