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Geneva-Based Bank Buys Majority Stake In Indian Financial Services Firm

Hinduja Bank (Switzerland), the Geneva-headquartered bank previously known as Amas Bank (Switzerland), has acquired a majority stake Paterson Securities, one of India’s oldest stockbroking firms and a founding member of the Madras Stock Exchange, the firm said in a statement.
Hinduja Bank purchased a further 11 per cent holding in the Chennai-based stockbroking and financial services firm, having already bought a 40 per cent stake in December 2008/
Besides high net worth individuals, Paterson also serves financial institutions, large corporate groups and retail clients.
Over the last year, Paterson, which will remain a separate entity after this acquisition, has grown to 30 branches, from 15 the year before.
Hinduja Bank said that Paterson Securities has become a key platform for the banking group in its integrated offer of access to India.
“The clear synergies and respective strengths of our institutions will enable us to expand and grow faster. The Paterson team is well geared to contribute to the banking group’s growth,” said Maitreyan Amarnath, chief executive of Paterson Securities.