Jan 11, 2007 (LBO) — Sri Lanka’s Hatton National Bank has signed up with City Union Bank to start an investment banking unit in India, the two banks said in a joint statement Friday.
“The proposed Joint Venture Investment Banking entity will focus on serving the Indian market to deliver capital raising and advisory services to the booming market,” the statement said.
“Both the partners firmly believe that the investment banking arena in India for the growing mid-sized corporate segment is under serviced and there is potential for a focused investment banker.”
The promoters hope to incorporate the bank this year if regulators of the two countries approve the joint venture for which an agreement was signed between HNB managing director Rajendra Theagarajah and City Union Bank chairman S Balasubramanium.
Hatton National Bank, rated AA-(lka) by Fitch Ratings Lanka is a 120 year old commercial bank in Sri Lanka.
City Union Bank is a 103 year old private sector bank with a mid-sized corporates and small and medium sector clients, the statement said.
HNB is also in a joint venture investment banking venture with DFCC Bank in Sri Lanka.