U.S. brokerage Raymond James Financial Inc. was looking to buy out the stake of its Indian partner, ASK Investment Financial Consultants, the DNA newspaper reported on Wednesday, citing an unnamed company official.
“You can expect an announcement in the next 10 days,” the official told the paper.
The report did not say how much Raymond James would pay for ASK Investment's 50 percent stake in 12-year old venture.
Competition in India's investment banking market has heated up dramatically, and foreign securities houses are now scrapping joint ventures to chase deals by themselves.
Source : Reuters