The International Finance Corporation (IFC), part of the World Bank Group is open with an idea of partnering Religare Enterprises (REL), the holding company of financial services conglomerate Religare Group, in its proposed banking foray. This would however depend on the Indian group and other conditions.
IFC has recently invested $75 million in REL through compulsory convertible debentures, which will give it 8% equity stake upon conversion. REL is looking to further collaborate with IFC on various new businesses, including housing finance, rural banking and other areas besides looking to leverage IFC’s expertise in all areas of developmental finance.
Further, IFC is also nominating a member on the board of REL, whose various subsidiaries are present in businesses like life and health insurance, brokerage, asset management, investment banking, SME finance.
