Macquarie Bank has bought a 50 per cent stake in Indian company Religare Wealth Management.
The Indian wealth management business will give its investors access to Macquarie's individual managed fund products, structured products and equity investments.
The joint venture will also look at developing new products for India's high net worth investors.
Religare provides equities, commodities and insurance products. Its business includes wealth advisory, funds management, investment banking and institutional broking services.
The company is located in more than 1215 locations across 392 of India's cities and towns.
Macquarie has been looking to establish a wealth management business in India for some time but needed to find the right partner, Macquarie Financial Services group head Peter Maher said.
"Like Macquarie, Religare is entrepreneurial, its management and staff are innovative and visionary and its brand is associated with quality and trust," Maher said.
The groups' Asian operations include offices in Hong Kong and Thailand.
Under the deal, the company will be rebranded as Religare Macquarie Wealth Limited.
