Mumbai: Bank Muscat, Oman’s largest lender by assets, said on 19 April that it was buying 43% in Indian brokerage Mangal Keshav Securities Ltd, as it expands operations in the fastest growing major economy after China.
Financial details of the deal were not disclosed.
“Mangal Keshav would be our vehicle for exposure to the high-growth Indian securities market,” Abdul Malik bin Abdullah Al Khalili, chairman of Bank Muscat, said.
Mangal Keshav is a member of the National Stock Exchange of India, the Bombay Stock Exchange, the Multi Commodity Exchange of India, the National Commodity & Derivatives Exchange, and the Dubai Gold & Commodities Exchange.
Foreign financial firms have been seeking to play a bigger role in the country, with the robust economic growth boosting opportunities for mergers and acquisitions, and raising demands from retail clients.
Last month, French lender BNP Paribas extended its alliance with 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 last 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.