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India's Federal Bank to buy up to 26% stake in Equirus Capital

India-based Federal Bank Ltd. will acquire up to a 26% stake in investment bank Equirus Capital Pvt. Ltd. for an undisclosed sum.

The transaction is subject to statutory and regulatory approvals, as well as satisfactory completion of financial and legal due diligence, according to a Feb. 22 filing.

The move marks the bank's entry into investment banking and into the capital market space, allowing it to raise capital for wholesale clients, Business Standard reported Feb. 23.

Ganesh Sankaran, executive director of Federal Bank, said the deal will help the lender expand its offerings to wholesale and retail customers, the report added. It will also help the bank provide wealth management products to more than 7 million clients and nonresident Indians.

Ashvin Parekh Advisory Services serves as the sole adviser to Federal Bank, the report noted.