US-based Customers Bancorp has entered into a business collaboration agreement with India-based diversified financial services group Religare Enterprises and plans to invest US$51 million over a period of 18 months.
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Customers Bancorp has stated that Religare Enterprises has applied for a banking license in India. The investment committed by Customers Bancorp will be primarily from the purchase of shares, both directly from Religare and separately from a promoter of the company, and the purchase of warrants.
Jay Sidhu, chairman and CEO of Customers Bancorp, said: "We are very excited about working with a high quality company like Religare Enterprises. We think there are mutually beneficial opportunities for both organizations to explore. Going forward, our management team’s extensive banking experience will be available to Religare in its banking foray.
"We agreed to invest after doing research on investment opportunities in the financial services industry in India with the help of Dinodia Capital Advisors, and have negotiated what we believe are very attractive terms and covenants in connection with this investment. We feel comfortable with the growth prospects of Religare and its subsidiaries and affiliates, and look forward to a long term relationship with them."
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