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Shinsei Bank to exit from India AMC

Shinsei Bank to exit from India AMC
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First Published: Wed, Dec 02 2009. 10 35 PM IST
Updated: Wed, Dec 02 2009. 10 35 PM IST
Mumbai: Japan’s Shinsei Bank Ltd is in talks to sell its 75% stake in its asset management business in India, Shinsei AMC, according to people familiar with the development.
The bank is in talks with another Japanese financial services firm, Daiwa Securities Group Inc., for the stake sale, these people said.
In response to an email sent by CNBC-TV18, Shinsei Bank only said, “We have no comment to offer.”
Shinsei AMC in India was Shinsei Bank’s first venture into the asset management business outside Japan. The other shareholders in the firm are billionaire investor Rakesh Jhunjhunwala with a 15% stake and Shinsei Bank’s country manager Sanjay Sachdev with a 10% stake. Shinsei AMC had launched its first equity fund in India, Shinsei Industry Leaders Fund, in July.
Experts say Shinsei AMC had entered India when the industry was grappling with low retail investor appetite. Shinsei AMC’s assets under management as on 9 November stood at Rs519 crore.
cnbctv18@livemint.com
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First Published: Wed, Dec 02 2009. 10 35 PM IST