Bandhan Bank’s Bandhan Financial Holding will acquire the IDFC Asset Management Company and IDFC AMC Trustee Company for Rs 4,500 crore - the largest deal to date in the Indian asset management space.
This deal allows the Bandhan group to enter India’s growing mutual fund business. Currently, the sector manages Rs 38 trillion of assets.
With this deal, Bandhan Bank entered into the ICICI, HDFC and the State Bank of India dominated asset management financial group.
The Bandhan Bank-led consortium also includes ChrysCapital and Singapore's sovereign fund GIC which have the equity pattern of 60% for Bandhan Financial Holding and 20% each for the other two partners.
Bandhan Financial Holding is the holding company of private sector lender Bandhan Bank.
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