Private sector lender Axis Bank today announced acquisition of investment banking arm of Enam Securities for Rs 2,067 crore.
The deal comprises investment banking unit, corporate advisory services and equity distribution arm of Enam Securities. Asset management company and insurance broking arm are not part of the deal.
Enam Securities, which was set up in 1984 as a financial services services provider, is a privately held company. Equity advisory wing of ENAM is known for its qualities.
Axis Bank is one of the leading private sector lenders of the country with a network of about 1,000 branches spread across the country. Acquisition of ENAM is no doubt a feather in Axis cap. Along with Equity distribution business Axis bank's business and balance sheet is likely to strengthen.
And Vallabh Bhansali, Chief of ENAM should have been a happy man.
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