India’s Religare expands into Africa

Aug 11, 2011 (LBO) - India's Religare Capital Market Limited (RCML) said a recent purchase of South Africa's Noah Financial Innovation will be a base for further expansion in to the region. RCML chief executive Martin Newson says the South African acquisition is part of its emerging markets investment banking operations, "both in its own right and as a beachhead for our wider Africa banking ambitions."

"The acquisition boosts RCML’s existing trading, sales trading and research capability in South Africa, adding some 20 professionals to the team as well as an innovative network of sector specialists who provide content and research services," the firm said in a statement.

"This move accelerates RCML’s push into one of the world’s major emerging markets."

Religare has a joint venture in Colombo with Sri Lanka's Bartleets group owning a 50 percent stake in Bartleet Religare Securities, formerly Bartleet Mallory Stockbrokers.

RCML is now present in nine countries and has more than 300 staff, in London, New York and across emerging markets.