Customers Bancorp, Religare Form Business Collaboration
Customers Bancorp (NASDAQ: CUBI) announced it has formed a business collaboration with and will invest $51 million in the high growth financial institution Religare Enterprises Limited ("Religare"), which is one of India's leading diversified financial services companies and is applying for a banking license in India.
Mr. Jay Sidhu, Chairman and Chief Executive Officer of Customers Bancorp Inc., commented: "We are very excited about working with a high quality company like Religare Enterprises. We think there are mutually beneficial opportunities for both organizations to explore. Going forward, our management team's extensive banking experience will be available to Religare in its banking foray. We agreed to invest after doing research on investment opportunities in the financial services industry in India with the help of Dinodia Capital Advisors, and have negotiated what we believe are very attractive terms and covenants in connection with this investment. We feel comfortable with the growth prospects of Religare and its subsidiaries and affiliates, and look forward to a long term relationship with them."