Religare to open Philippines investment banking unit

Religare, an Indian financial services group, has won a licence to set up an investment banking business in the Philippines.

The company said in a statement released yesterday that its capital markets arm had been awarded a representative licence by the local securities regulator. It said that its initial focus would be on equity markets and financing-related transactions for clients in the country, though its staffing plans are still uncertain.

“We are currently evaluating how to staff our business activities in the Philippines,” said the company in an email response. “We plan to make the necessary on the ground hires based on business activity we generate. Meanwhile,...