Religare Cap buys UK ops of S African fin co

NEW DELHI: Religare Capital Markets ( RCML), the investment banking and institutional securities arm of Religare Enterprises, has acquired the UK operations of South Africa-based financial services firm Barnard Jacobs Mellet (BJM) for an undisclosed amount.

BJM, UK offers its over 100 institutional clients the option to trade in equity of South African companies. Religare Enterprises’ share price closed at Rs 512, up 3.51% at the Bombay Stock Exchange ahead of the announcement on Monday.

Martin Newson, CEO, RCML said: “The acquisition also secures a beachhead for our wider Africa ambitions. Over the coming years we believe intra-emerging market deal flow will pick up significantly and we will be well-positioned for that.” The UK business will operate under the Religare brand and will be integrated into RCML’s emerging markets platform, Religare said.

This is the third acquisition in six months by RCML, a wholly owned subsidiary of the public listed financial services holding company promoted by brothers Malvinder and Shivinder Singh. The Singh brothers intend to build a pan-emerging markets financial services firm.

RCML acquired Hong Kong-based Aviate Global (Asia) in July, and two months later purchased 50% stake in Sri Lankan Stock broking firm Bartleet Mallory Stock Brokers.

The UK business will operate under the Religare brand and will be integrated into RCML’s emerging markets platform, Religare said.