Bandhan, GIC and ChrysCapital to acquire IDFC AMC for $600m.

Bandhan, a banking and financial services company, GIC, a sovereign wealth fund to manage Singapore's foreign reserves, and ChrysCapital, a private equity firm, agreed to acquire IDFC AMC, an asset management company, for $600m. "Bandhan has always focused on financial inclusion and making formal financial services available to the masses… The acquisition of IDFC AMC provides us with a scaled‐up asset management platform, with a stellar management team and a pan India distribution network. IDFC AMC could benefit significantly from the Bandhan brand and continue strengthening its position in the asset management industry," Karni S Arha, Bandhan Managing Director.