IndusInd Bank is set to acquire 100% stake in IL&FS Securities Services, a company promoted by Infrastructure Leasing and Financial Services. The bank has concluded an agreement with IL&FS in this regard. IL&FS Securities is a leading capital market intermediary for professional clearing, depository and custodial services and it offers services to both retail and institutions clients. It has carried out more than 1 million transactions per day and is a leading clearing member on equity exchange traded derivatives. Romesh Sobti, MD & CEO, IndusInd Bank said the bank is already a player in the capital market business with a client base 500 + brokers and this acquisition brings scale to this business, complements its current product offerings and fits nicely into the strategy of creating differentiated businesses with domain expertise. The transaction is expected to be completed in about 3 months.
