Deutsche Bank buys 2.4% stake in NSDL from Unit Trust
nsdl.co.in
Anurag Joshi
Mumbai, Nov 25: Deutsche Bank on Thursday said that it has bought a 2.4 per cent equity stake in the National Securities Depository Ltd (NSDL) from the Unit Trust of India (UTI).
This acquisition comes close on the heels of the bank becoming the first foreign custodian to transact a securities lending in India. This was also the first involving a foreign institutional investor (FII) lending securities under the Securities and Exchange Board of India's (Sebi) securities lending scheme.
"We were delighted to have had an opportunity to become a partner in the leading depository of India," Deustche Bank's regional country head (India, Pakistan and Sri Lanka), Javad Shirazi, said, adding: "This investment reflects our commitment to our custody business in India and is an important milestone in its development,".
"Our decision to take an equity stake in the NSDL reflects the vital role of depositories in the development of India's securities custody business," Deutsche Bank's head of custody businessmanagement and product planning (India, Pakistan, Sri Lanka and Indonesia), Venkatesh Roddam, said.
Deutsche Bank is already registered with the NSDL and the Central Depository Services (India) Ltd (CDSL) to facilitate trading and settlement of shares for its custody clients on both the Bombay Stock Exchange and the National Stock Exchanges. NSDL is the biggest depository in the country with more than 109 depository participants.
Deutsche Bank offers the full range of custody and value-added services to foreign institutional investors, financial institutions, overseas corporate bodies, mutual funds and major corporates in the country. Other services offered by the custody division include securities lending, fund accounting and fund administration services. Following the acquisition of Bankers Trust, the bank is now one of the top three players in the custody business in the Asia-Pacific region.
Deutsche Bank is the leading bank in the Euro-region and one of the largest banks in the world by assets.(FE) |
