16 July 2008
Dubai - Eastgate Capital Group, the private equity subsidiary of NCB Capital, the investment banking arm of the National Commercial Bank of Saudi Arabia (NCB) today announced an investment in Avendus Capital Pvt. Ltd., India's leading financial services company for an undisclosed amount.
Speaking on this occasion, Mr. Nasr-Eddine Benaissa, Co-Managing Partner, Eastgate Capital Group said, "We believe India is one of the most attractive markets in the world and is well positioned to be a driving force in the global economy. Indian financial services, and in particular investment banking and capital markets related businesses, will naturally benefit from this momentum. In this context, we are pleased to be partnering with a high performing firm such as Avendus, which has a strong track record, a highly talented team and a distinctive culture."
Speaking on the investment, Mr. Ranu Vohra, Managing Director & CEO, Avendus Capital Pvt Limited, said "We are excited about partnering with Eastgate Capital Group in our next phase of growth. As Avendus builds its capabilities in capital markets and institutional broking we believe that the team at Eastgate will help us in building our global network of relationships particularly in the Middle East, which is increasingly becoming a source of capital for fast growing Indian corporates. We have spent considerable time with the team at Eastgate and are impressed by their knowledge and expertise in financial services. Eastgate and its parent NCB Capital are highly respected institutions and we expect this relationship to be very rewarding for our team, clients and shareholders".
Mr. Rajiv Nakani, Director, Eastgate Capital Group will join the board of Avendus Capital. Mr. Nakani has over a decade's experience in investing and investment banking and brings with him in-depth domain knowledge across various sectors.
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About Eastgate Capital Group
Based in Dubai and licensed by the Dubai Financial Services Authority, Eastgate Capital Group (EASTGATE) is the Private Equity subsidiary of NCB Capital. EASTGATE's mandate is to source, structure and invest in attractive private equity and real estate opportunities across global emerging markets. EASTGATE currently has US$ 800 million in commitments under management across three funds: The MENA Private Equity Fund, the Global Emerging Markets Private Equity Fund, and the GCC Real Estate Fund. EASTGATE has several portfolio investments in global emerging markets across several sectors, including financial services, education and healthcare. For more information, please visit www.eastgategroup.com
About Avendus Capital Pvt. Ltd.
Avendus Capital is one of India's leading institutional financial services companies. With offices in Mumbai, Bangalore, New York and London, Avendus offers its clients a wide range of services globally including financial advisory, institutional broking, equity capital markets and asset management services. Started in 1999, Avendus has helped close more than 110 transactions worth USD 2.5 bn. Avendus has been ranked among the top six investment banks in India by Bloomberg for the last three years in M&A and Private Placement advisory businesses. Avendus has focused on creating value for its clients who include mid and large sized corporates, investors and high net worth individuals through its strong research, domain knowledge and global network. For more information, please visit www.avendus.com
About NCB Capital
NCB Capital (NCBC), a joint stock company incorporated in the Kingdom of Saudi Arabia, is the investment banking subsidiary of the National Commercial Bank of Saudi Arabia (NCB). NCBC specializes in investment banking, asset management and brokerage services and is licensed by the Capital Markets Authority in Saudi Arabia. The team at NCBC has successfully invested NCB's proprietary capital in alternative assets since 1995. Such investments include hedge funds, structured credit and private equity. NCBC has also been actively investing in regional and global stock markets. NCBC has a paid-up capital of US$ 270 million and approximately US$ 11 billion of assets under management.
About The National Commercial Bank
With over 50 years of history, NCB was the first bank established in the Kingdom of Saudi Arabia. As of December 2007, NCB had total equity of approximately US$ 7.9 billion, making it the largest bank in the Middle East (ranked by equity size). For the year ending December 2007, NCB earned a net profit of US$ 1.6 billion on an asset base of US$ 56 billion. NCB has over 5,100 staff and currently operates 264 branches throughout the Kingdom of Saudi Arabia. The bank also operates branches in Beirut, Lebanon and has representative offices in London, Seoul, Tokyo and Singapore. In 2007, NCB acquired a 60% stake in Türkiye Finans Katilim Bankasi, one of the leading Participation Banks in Turkey. NCB currently maintains an A+ S&P credit rating and a Fitch Agency credit rating of A.
For information contact, please contact:
Farah Ibrahim
TRACCS
Tel: +9714 3672530
Fax: +9714 3672531
Email: farah.ibrahim@traccs.net
Dubai - Eastgate Capital Group, the private equity subsidiary of NCB Capital, the investment banking arm of the National Commercial Bank of Saudi Arabia (NCB) today announced an investment in Avendus Capital Pvt. Ltd., India's leading financial services company for an undisclosed amount.
Speaking on this occasion, Mr. Nasr-Eddine Benaissa, Co-Managing Partner, Eastgate Capital Group said, "We believe India is one of the most attractive markets in the world and is well positioned to be a driving force in the global economy. Indian financial services, and in particular investment banking and capital markets related businesses, will naturally benefit from this momentum. In this context, we are pleased to be partnering with a high performing firm such as Avendus, which has a strong track record, a highly talented team and a distinctive culture."
Speaking on the investment, Mr. Ranu Vohra, Managing Director & CEO, Avendus Capital Pvt Limited, said "We are excited about partnering with Eastgate Capital Group in our next phase of growth. As Avendus builds its capabilities in capital markets and institutional broking we believe that the team at Eastgate will help us in building our global network of relationships particularly in the Middle East, which is increasingly becoming a source of capital for fast growing Indian corporates. We have spent considerable time with the team at Eastgate and are impressed by their knowledge and expertise in financial services. Eastgate and its parent NCB Capital are highly respected institutions and we expect this relationship to be very rewarding for our team, clients and shareholders".
Mr. Rajiv Nakani, Director, Eastgate Capital Group will join the board of Avendus Capital. Mr. Nakani has over a decade's experience in investing and investment banking and brings with him in-depth domain knowledge across various sectors.
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About Eastgate Capital Group
Based in Dubai and licensed by the Dubai Financial Services Authority, Eastgate Capital Group (EASTGATE) is the Private Equity subsidiary of NCB Capital. EASTGATE's mandate is to source, structure and invest in attractive private equity and real estate opportunities across global emerging markets. EASTGATE currently has US$ 800 million in commitments under management across three funds: The MENA Private Equity Fund, the Global Emerging Markets Private Equity Fund, and the GCC Real Estate Fund. EASTGATE has several portfolio investments in global emerging markets across several sectors, including financial services, education and healthcare. For more information, please visit www.eastgategroup.com
About Avendus Capital Pvt. Ltd.
Avendus Capital is one of India's leading institutional financial services companies. With offices in Mumbai, Bangalore, New York and London, Avendus offers its clients a wide range of services globally including financial advisory, institutional broking, equity capital markets and asset management services. Started in 1999, Avendus has helped close more than 110 transactions worth USD 2.5 bn. Avendus has been ranked among the top six investment banks in India by Bloomberg for the last three years in M&A and Private Placement advisory businesses. Avendus has focused on creating value for its clients who include mid and large sized corporates, investors and high net worth individuals through its strong research, domain knowledge and global network. For more information, please visit www.avendus.com
About NCB Capital
NCB Capital (NCBC), a joint stock company incorporated in the Kingdom of Saudi Arabia, is the investment banking subsidiary of the National Commercial Bank of Saudi Arabia (NCB). NCBC specializes in investment banking, asset management and brokerage services and is licensed by the Capital Markets Authority in Saudi Arabia. The team at NCBC has successfully invested NCB's proprietary capital in alternative assets since 1995. Such investments include hedge funds, structured credit and private equity. NCBC has also been actively investing in regional and global stock markets. NCBC has a paid-up capital of US$ 270 million and approximately US$ 11 billion of assets under management.
About The National Commercial Bank
With over 50 years of history, NCB was the first bank established in the Kingdom of Saudi Arabia. As of December 2007, NCB had total equity of approximately US$ 7.9 billion, making it the largest bank in the Middle East (ranked by equity size). For the year ending December 2007, NCB earned a net profit of US$ 1.6 billion on an asset base of US$ 56 billion. NCB has over 5,100 staff and currently operates 264 branches throughout the Kingdom of Saudi Arabia. The bank also operates branches in Beirut, Lebanon and has representative offices in London, Seoul, Tokyo and Singapore. In 2007, NCB acquired a 60% stake in Türkiye Finans Katilim Bankasi, one of the leading Participation Banks in Turkey. NCB currently maintains an A+ S&P credit rating and a Fitch Agency credit rating of A.
For information contact, please contact:
Farah Ibrahim
TRACCS
Tel: +9714 3672530
Fax: +9714 3672531
Email: farah.ibrahim@traccs.net
© Press Release 2008
