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Edelweiss Wealth Management will acquire the securities business of Religare. This acquisition includes securities and commodities broking and depository participant services.
As per a release, under the deal, Edelweiss will be acquiring the pan India distribution of approx 1,250 points of presence including over 90 branches and over 1 million clients and the employees of the business.
Nitin Jain, CEO, Global Wealth & Asset Management, Edelweiss Group, stated, “The complementary nature of Religare’s business to our wealth management platform made for an attractive choice, as it expands our offering and supports our growth plans”.
Further, the acquisition is subject to receipt of requisite regulatory clearances and fulfillment of terms and conditions customary to the transaction. However, the financial details of the transaction has not been disclosed.
