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Edelweiss Financial Services on Wednesday said its wealth management arm will acquire Religare’s securities business for an undisclosed sum. “Edelweiss and Religare today (Wednesday) announced the acquisition by Edelweiss Wealth Management of Religare’s securities business, which includes securities and commodities broking, and depository participant services,” the firm said in a regulatory filing.
The company said this acquisition would help it expand its geographical reach and distribution footprint and almost treble the client base. “Edelweiss will also 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 the business,” it added.
“The complementary nature of Religare’s business to our wealth management platform made for an attractive choice, as it expands our offering and supports our growth plans,” said Nitin Jain, chief executive officer, Global Wealth and Asset Management, Edelweiss Group.
