Sept 15, 2010 (LBO) - India's Religare Enterprises Limited (REL) has struck a strategic alliance with Sri Lanka's Bartleet TransCapital that will aim to attract more foreign investors to the island's booming stock market, a statement said.
The New Delhi-headquartered Religare Group plans to enter Sri Lanka initially in stock broking by taking a 50 percent stake in Bartleet Mallory Stockbrokers (BMS), subject to regulatory approval.
Bartleet Mallory Stockbrokers, which is fully-owned by Bartleet TransCapital, has decided to increase its share capital to accommodate Religare Enterprises.
"The partnership will . . . attract more international investors to the Colombo Stock Exchange and to facilitate an extension of services to regional markets such as Bangladesh, Maldives and Pakistan," Bartleet TransCapital Chairman and former Central Bank Governor A S Jayawardena said.
It will also bring to the attention of international fund managers the increasing opportunities in well-managed Sri Lankan companies, the statement said.
“With the upsurge in economic and capital markets indicators over the last one year, Sri Lanka is a key market for Religare, especially considering its proximity both physically and culturally to India," Religare Group chief executive Shachindra Nath said.
“Consistent with our view that high-growth developing markets represent an overwhelming opportunity in terms of business flows, we are quickly positioning ourselves to provide the advice and distribution capability that our global investor and corporate client base will require."
Eraj Wijesinghe, Chairman of the Bartleet Group, said there has been new interest in business opportunities in the island since its 30-year ethnic war ended in May 2009.
The Religare Group employs more than 10,000 people across several countries.
In India, Religare’s largest market, the group offers products and services ranging from insurance, asset management, broking and lending solutions to investment banking and wealth management.
The group also offers investments in alternative asset classes such as arts and films.
source - www.lbo.lk
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