Amas Bank (Switzerland) Ltd has acquired 40 per cent stake in PATCO Investments & Consultancy Services Private Ltd. for an undisclosed amount. PATERSON is a Chennai-based stock broking firm, while Amas Bank is a global banking entity of the trans-national Hinduja Group, founded in 1978 as a finance company and granted banking license in 1994. Amas Bank is headquartered in Geneva, having offices in Zurich, Lucerne, Basle, St. Margrethen, Dubai, London, Paris, New York and Mauritius.

PATERSON was formed in 1935 and it is a founding member of the Madras Stock Exchange. It deals in stock-broking, derivatives trading, portfolio and wealth management, NRI services, government securities, corporate advisory / investment banking and other financial services.

PATERSON and Hinduja have been in touch with each other since January and investment was agreed in the month of July this year. Chief Executive of Amas Bank (Switzerland) Ltd said that the deal would prove beneficial for investors in Europe and India. It would help to access overseas capital market and wealth management services.  

Chief Executive of PATCO Investments & Consultancy Services Private Ltd, M. Amarnath said, "With the backing of the Hinduja Group, we are now in a position to expand our reach and accelerate our growth. Amas Bank, with its international expertise, global knowledge and financial acumen, will help us to differentiate our services and strengthen our standing in financial market."