Dutch firm to buy 49% in CanBank MF

Dutch asset manager Robeco Groep NV, a part of European banking giant Rabobank Groep, will buy 49 per cent stake in Canara Bank's asset management arm to gain a foothold in the country's robust mutual fund industry.

Robeco, which has assets under management of 139 billion euros worldwide and posted operating profits of 233 million euros in 2005, will pay Rs 115 crore to Canara Bank for its stake in Canbank Investment Management Services Ltd (CIMS).

"The total valuation of our asset management entity is Rs 230 crore and 49 per cent stake sale will bring about Rs 115 crore," Canara Bank Chairman and Managing Director M B N Rao told reporters after signing an MoU with Robeco.

Reat more at The Economic Times

Rabobank bullish on Indian telecom

Top Dutch financial conglomerate, Rabobank International, is betting big on the Indian telecom and media segments which it says are on the threshold of an explosive growth over the next two-three year period.

"We are very bullish on Indian telecom," Rabobank International's Global Head for Telecom, Media and Internet Group, Ed Smith, told PTI here.

Given the kind of growth anticipated in telecom over the next few years, "we could be scaling up our exposure to the sector in the next three years. In fact, our exposure could more than double during this period," Smith said.

Read more at The Economic Times