Mumbai: Bank Muscat, Oman’s largest lender by assets, said on Thursday it was buying 43% in Indian brokerage Mangal Keshav, as it expands operations in the fastest growing major economy after China.
Financial details were not disclosed.
“Mangal Keshav would be our vehicle for exposure to the high growth Indian securities market,” AbdulMalik bin Abdullah Al Khalili, chairman of Bank Muscat, said in a statement.
Mangal Keshav is a member of the National Stock Exchange of India, the Bombay Stock Exchange, Multi Commodity Exchange of India, National Commodity & Derivatives Exchange and the Dubai Gold & Commodities Exchange.
Foreign financial firms are seeking a bigger role in India, where robust economic growth has boosted opportunities for mergers and acquisitions and raised demand from retail clients.
Last month, French lender BNP Paribas extended its alliance with India’s Geojit Financial Services Ltd to institutional brokerage and raised its stake in the firm to as much as 34%.
Bank Muscat, which is buying the stake in the holding company of Mangal Keshav Group, had been seeking investment opportunities in India for the past three years, its chairman said.
Mangal Keshav Group chief Paresh Bhagat said his company had been in talks with potential investors, including private equity funds, for the last two years.