Sumitomo Mitsui Banking Corporation, BNP Paribas commence branch ops from GIFT-IFSC

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Mumbai, Jul 8 (PTI) Japan's Sumitomo Mitsui Banking Corporation and French lender BNP Paribas on Monday announced the commencement of branch operations from the Gujarat International Finance Tec-City - International Financial Services Centre (GIFT-IFSC).

The Japanese lender said the branch will focus on the foreign currency-denominated lending business while the French lender said that its presence is a bid to attract new business opportunities with its onshore and offshore clients, a statement said.

*** Dvara Kshetriya Gramin Financial Services raises USD 10 million * Dvara Kshetriya Gramin Financial Services on Monday said it has raised USD 10 million (over Rs 83 crore) in debt from the portfolio manager of Global Gender-Smart Fund, Triple Jump.

The non-bank lender said it has entered Andhra Pradesh as part of its efforts to expand its coverage.

*** Edelweiss Financial Services to raise up to Rs 200 crore * Non-bank lender Edelweiss Financial Services on Monday said it is aiming to raise up to Rs 200 crore through a public issue of secured redeemable non-convertible debentures.

The tenors will go up to 120 months and carry a coupon of up to 11 per cent, as per a statement.

*** Tata Asset Management Company launches India's first tourism index fund * Tata Asset Management Company on Monday launched the country's first tourism index fund, Tata Nifty India Tourism Index Fund, which will track the Nifty India Tourism Index.

The fund will invest in hotels, airliners, resorts, restaurants, airport operators and luggage companies, among others.

*** Baroda BNP Paribas Mutual Fund collects Rs 1,370 cr in new fund offering * Baroda BNP Paribas Mutual Fund on Monday said it has collected Rs 1,370 crore in the new fund offering of its manufacturing fund.

The collections are as of June 28, with five days to go for the end of the NFO period on July 3, a statement said.

*** Buglerock Capital aims USD 5-billion AUM in next 3 yrs * Newly launched wealth and asset management firm Buglerock Capital on Monday said it is targeting to have assets under management (AUM) of USD 5 billion in the next three years.

The company's group assets under management are already USD 2.2 billion, according to a statement. PTI AA SHW