Religare Finvest ties-up with Corporation Bank

-- The public-private partnership will identify and
offer products and services to SMEs across India

New Delhi, December 10, 2009: In a public-private partnership, Religare Finvest Limited, a subsidiary of diversified financial services company Religare Enterprises Limited (REL), and Corporation Bank, a Public Sector Bank, have signed a Memorandum of Understanding (MoU) for the identification of potential Small and Medium enterprises through their respective branches / marketing outlets.

The MoU was signed by M. R. Nayak, General Manager, Corporation Bank and Kavi Arora, Chief Executive Officer, Religare Finvest Limited at the Bank's Corporate Office in Mangalore recently.

The proposed partnership will also look at extending financial assistance / accommodation to these SMEs. The tie-up will make Corporation Bank, a preferred bank of Religare Finvest to offer its services to SME customers. This new alliance is in line with the company’s strategy of increasing its reach and penetration to SMEs across the country.

Religare Finvest will work closely with Corporation Bank to identify and facilitate the creation of new business opportunities and provide the support to strive towards customer satisfaction. Corporation Bank has launched specific schemes aimed at different segments of SME sector apart from identifying 50 branches for focused lending to the SME sector. In addition to increasing credit support, the bank has taken in encouraging and recognizing SMEs through the institution of National SME Excellence Awards to honour outstanding SMEs in the country.

Mr. Kavi Arora, CEO, Religare Finvest Ltd. said, “Our tie-up with Corporation Bank is in line with our strategy of a pan-India penetration and the opportunity to reach to as many budding entrepreneurs and enterprises that we can. In an ever changing and evolving business environment, this partnership with Corporation Bank will help us capitalize on the network that they possess and our ability to provide benefits to SMEs.”

M.R. Nayak, General Manager, Corporation Bank said, “Corporation Bank has always been adopting a positive approach in lending to SMEs. Even during the crucial period of 2008-09 when the SMEs faced intense pressure due to downturn in the economy, SME credit in the bank increased by more than 25%. Apart from increasing credit support to SMEs, the bank takes timely proactive support measures and this has enabled our bank in maintaining a satisfactory portfolio. Further, the bank continues to recognize and encourage successful enterprises through institution of Corp Excel Award, a National level award which is open to all units including those not banking with us at present."

About Religare Finvest Limited

Religare Finvest Limited (RFL), a 100% subsidiary of Religare Enterprises Limited (REL) is registered with the Reserve Bank of India (RBI) as a Non-Banking Finance Company (NBFC) and is the lending arm of REL.

RFL has adopted a strategy of lending on commercially earning assets through its three lines of business i.e. SME Loans, Loans against Property (LAP) and Loans on Commercial Assets (CA). It has recently added Leasing and Third party products which help augment the bouquet of products and strengthen the income-lines. The corporate advisory group of RFL also provides corporate, banking, and financial institutional sector solutions to SMEs looking to expand their business.

About Religare Enterprises Limited

A diversified financial services group with a pan-India and global presence, Religare Enterprises Limited (REL) offers a comprehensive suite of customer-focused financial products and services targeted at retail investors, high net worth individuals and corporate and institutional clients.

REL, along with its joint venture partners, offers a range of products and services in India, including asset management, life insurance, wealth management, equity and commodity broking, investment banking, lending services, private equity and venture capital. Religare has also ventured into the alternative investments sphere through its holistic arts initiative and film fund.

The company has many firsts to its credit. With a view to expand, diversify and introduce offerings benchmarked against global best practices, Religare operates in the life insurance space under ‘Aegon Religare Life Insurance Company Limited’ and has launched India’s first wealth management joint venture under the brand name ‘Religare Macquarie Private Wealth’.

It has launched India’s first 360 degrees Arts Initiative – with a gallery as well as the first SEBI approved Film Fund- institutionalizing the film space and augmenting the alternate asset class of investments products.

REL’s IPO listing on the national exchanges in 2007 was a huge success with the oversubscription figures shooting up to almost 163 times, which is a record till date.

REL operates from seven domestic regional offices, 43 sub-regional offices, and has a presence in 503 cities and towns controlling 1,873 business locations all over India.

For more information, please visit www.religare.in

“Religare Enterprises Limited proposes, subject to receipt of requisite approvals, market conditions and other considerations, to make a rights issue of its equity shares to its existing shareholders and has filed a draft letter of offer (“DLOF”) with the Securities and Exchange Board of India (“SEBI”). The DLOF is available on the website of SEBI at www.sebi.gov.in as well as on the websites of the lead manager at www.enam.com. Investment in equity shares involves a high degree of risk and for details relating to the same, please refer to the section titled “Risk Factors” of the DLOF.”

About Corporation Bank

Corporation Bank, established in 1906, is an organization based on the traditional Indian values of service to the community and is regarded as one of the well-run banks in the comity of Public Sector Banks in the country. Excellence in performance and uniqueness in customer service form the core of the Bank's organizational culture, which is reflected in its enviable track record in financial performance. The Bank has a wide range of products and services which includes a host of IT Products and high tech delivery channels.

For further information, please contact:

Mr. Subhrangshu Neogi
Director- Brand & Corporate Communications

Religare Enterprises Limited
Email: subhrangshu.neogi@religare.in

Contact number: T: +91 120 6796165 M: +91 9910993925

Mr. Varun Soni

Vice President, Corporate Communications

Religare Enterprises Ltd.

Email: soni.varun@religare.in

Contact Number: T :0120 – 3396174 M: +91 9650148885