Religare Technova acquires major stake in Chase Cooper

Religare Technova Global Solutions Pty Ltd (RTGS) has acquired a major stake in London-based Chase Cooper Ltd by forming a strategic partnership, to emerge a key player in the risk management sector.

The news comes on the back of reports that Religare Enterprises Ltd, the financial services arm of the Ranbaxy promoter group, may be among companies seeking banking licences proposed to be issued in six years in India.

Religare Enterprises Ltd is controlled by billionaire brothers Malvinder and Shivinder Mohan Singh.

Religare Technova, a global IT solutions provider for capital markets, said it has identified the risk sector as a key strategic market and a natural expansion of its solutions offering which includes, NOVA a market leading clearing and settlement solution and TradeAnywhere a rapidly expanding online and institutional trading system.

With the new stringent capital adequacy norms for financial sector entities and international standards such as Basel III for banking companies, there is an urgent need for organisations to focus on their governance risks and compliance framework and processes as operational risks underpin the vital framework for a robust growth, the company said in a website release.

"The partnership with Chase Cooper expands our global reach to financial institutions, it enhances our solutions portfolio through the addition of risk and compliance solutions and it gives us access to domain expertise and a greater presence in the United Kingdom, which will be the management centre of our Europe, Middle East and African operations. We have been seeking solutions that will enable us to engage with the buy side, banking, asset management and insurance communities," Ralph home, chief executive of RTGS said.