| 07 Feb,12 09:25:02 |
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| * * * Celebrating A Milestone In Our Journey Together… *** |
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| The Glimpse of the press conference is below. |
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Commenting on the partnership,Mr.Paresh Bhagat,Chairman and Managing Director of the Mangal Keshav Group said:
“We have been speaking to other potential investors including private equity funds for the last two years. What attracted us to
BankMuscat was its investment philosophy of long-term strategic partnership. BankMuscat is keen to partner Mangal Keshav in its
growth and the Bank’s investment would jump-start our expansion plans. This includes strengthening of our strong retail presence
by opening of new branches, getting more channel partners and also offering an online trading platform to our present and
prospective clients. We also have substantially strengthened our marketing team to sell other financial products e.g.
Insurance, Mutual funds, etc. through our existing network. Mangal Keshav also plans to build its NRI and Institutional business
in the Gulf region on the back of BankMuscat’s existing relationship base. We would also benefit from BankMuscat’s experience
and track record in the investment banking and asset management business.”
Announcing the acquisition, Mr. AbdulMalik bin Abdullah Al Khalili, Chairman of BankMuscat SAOG said:
“We are extremely excited about our partnership with Mangal Keshav. India has been a focal country for the Bank, as is evident from
our commitment to the sub-continent over the past eight years. Having a presence in
commercial banking in India through our investment in Centurion Bank of Panjab, we were exploring opportunities in other
segment of the financial services sector. Mangal Keshav would be our vehicle for exposure to the high growth Indian securities market.”
“Bank Muscat, on its part, has been scouting the Indian financial services environment for the past three years and has reviewed
various investment opportunities. Mangal Keshav with its 70-years track record and strong retail presence fitted well with our objectives.
In line with Bank Muscat’s overall investment philosophy, the Bank views this acquisition as a long-term strategic partnership between the two organizations ”, Mr.AbdulMalik added.
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