CLSA and SBI Cap create Indian JV

Firms buck trend away from joint ventures between foreign and local firms.

CLSA India and SBI Capital Markets SBI Cap, the investment banking subsidiary of State Bank of India, have announced an exclusive alliance for all investment banking mandates in India. At the moment there is no legal joint venture and both entities will continue to function independently.

What the MOU Memorandum of Undertanding will facilitate is a collaboration between the two sides on all equity capital markets and MAAdvisory transactions. Pankaj Agarwal, CLSA's managing director and head of Indian investment banking says, the alliance is intended to leverage the strengths of both parties, which are complementary, to provide a more comprehensive suite of products to our clients.

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