Karvy Acquires Shares Of KPMG Fakhro In BSRC WLL - Extends Footprint In Middle East
The KARVY GROUP and Computershare, through their securities registry JV, Karvy Computershare Private Limited, today announced that they have entered into a definitive agreement with Bahrain based KPMG Fakhro to acquire a majority stake in its affilia
Hyderabad (I-Newswire) July 5, 2011 - The KARVY GROUP and Computershare, through their securities registry JV, Karvy Computershare Private Limited, today announced that they have entered into a definitive agreement with Bahrain based KPMG Fakhro to acquire a majority stake in its affiliate, Bahrain Shares Registering Company WLL (BSRC).
BSRC, which started its operations over 35 years ago, is the largest player in the securities registry business in Bahrain. It enjoys a strong clientele including some of the leading corporate houses in the region. Its client base extends to more than 90% of the listed companies in Bahrain.
The acquisition is part of Karvy Computershare's middle east expansion strategy enabling the extension of its unparalleled investor services through state-of-the-art technology, unique operating management practises and highest quality standards, offering world class securities services to not only customers of BSRC but across the entire region.
Commenting on the acquisition, Mr. C Parthasarathy, Chairman – Karvy Group said, “This development is part of a strategy to raise the Karvy group's profile across geographies. Karvy's strong legacy and expertise in the financial services industry coupled with Computershare's understanding of the specific business across the world gives us the confidence that this acquisition will accelerate our continuing growth.”
Mr. Stuart Crosby, Chief Executive Officer - Computershare, stated “We are pleased to be extending our footprint into the Middle East and are committed to the continued provision of excellent services to clients of Bahrain Shares Registering Company WLL, as well as leveraging our global expertise with companies in Bahrain and beyond".
Mr. V Ganesh, Chief Executive Officer - Karvy Computershare Pvt. Ltd. added, "We believe that we can create significant value for our customers in the Middle East region through our unique combination of a contemporary technology backbone and a 360° offering. This acquisition would help us create a path breaking process for servicing investors in the region and herald the entry of new age services”.
Karvy Computershare Private Limited (KCPL) provides Registrar services to mutual funds and corporates across India. Currently, KCPL services over 67 million investors, across 500 corporate and 29 mutual funds from nearly 500 locations, making it clearly the largest investor servicing entity in India.
KCPL's clientele includes the who's who of Indian corporate sector. KCPL has handled over 1,000 public issues, open offers, buy backs etc. Karvy Computershare is a 50:50 joint venture between two stalwarts, Karvy from the Indian market and the Australia based global registry leader, Computershare.
For more information on Karvy Computershare please visit http://www.karvycomputershare.com
About Bahrain Shares Registering Company WLL :
BSRC’s clientele will now benefit from enhanced and value added services through the joint venture.
About Karvy Group:
The Karvy Group is one of India’s premier financial services organizations. The Karvy Group (www.karvy.com) covers the entire spectrum of financial services such as Stock broking, Depository Participant, distribution of financial products (mutual funds, bonds, fixed deposit, equities), Insurance broking, Commodities Broking, Personal Finance Advisory Services, Investment Banking, Corporate Finance advisory services, Wealth Management, NBFC, placement of equity IPOs, apart from Registry business. Such diversified offerings allows for scale, stability, and agile solutions for the financial markets. Karvy is focused on understanding its customer needs which helps in customizing/offering solutions which are best suited for its clients.
Karvy’s proven research capabilities and market intelligence are the backbone for its various business divisions. This enables the design of new solutions and services, provides new insights to markets, predicts trends and arms the clients to make informed decisions.
Computershare (ASX:CPU) is a global market leader in transfer agency and share registration, employee equity plans, proxy solicitation and stakeholder communications. We also specialise in corporate trust services, tax voucher solutions, bankruptcy administration and a range of other diversified financial and governance services.
Founded in 1978, Computershare is renowned for its expertise in data management, high volume transaction processing, payments and stakeholder engagement. Many of the world’s leading organisations use these core competencies to help maximise the value of relationships with their investors, employees, creditors, members and customers.
Computershare is represented in all major financial markets and has over 10,000 employees worldwide. For more information, visit www.computershare.com
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Published On:July 5, 2011
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