Eastgate Capital Group Invests INR 100 cr in Avendus Capital

Avendus Capital Pvt Ltd, India’s leading financial services company, today announced that it has raised INR 100 Crores in equity from private equity firm Eastgate Capital Group. The primary objective of this investment is to strengthen the institutional broking franchise of Avendus Capital and to fuel Avendus’ international expansion with a special focus on USA and Europe. Currently, Avendus Capital has its offices in Mumbai, Bangalore and New York.

Deal Value

INR 100 cr

Service

Private Equity

Sector

Financial Institutions Group

Date

July 2008

We believe India is one of the most attractive markets in the world and is well positioned to be a driving force in the global economy. Indian financial services, and in particular investment banking and capital markets related businesses, will naturally benefit from this momentum. In this context, we are pleased to be partnering with a high performing firm such as Avendus, which has a strong track record, a highly talented team and a distinctive culture.

Mr. Nasr-Eddine Benaissa

Co-Managing Partner, Eastgate Capital

We are excited about partnering with Eastgate Capital in our next phase of growth. As Avendus builds its capabilities in capital markets and institutional broking we believe that the team at Eastgate will help us in building our global network of relationships particularly in the Middle East, which is increasingly becoming the source of capital for fast growing Indian corporates.

We have spent considerable time with the team at Eastgate and are impressed by their knowledge and expertise in financial services. We expect this relationship to be very rewarding for our team, clients and shareholders. Mr. Rajiv Nakani, Director, Eastgate Capital Group will join the board of Avendus Capital. Mr. Nakani has over a decade’s experience in investing and investment banking and brings with him in-depth domain knowledge across various sectors.

Ranu Vohra

Co-founder & Executive Vice Chairman, Avendus

About Eastgate Capital Group (ECG) | NCB Capital (NCBC) | The National Commercial Bank

Eastgate Capital Group (ECG) is the private equity subsidiary of NCB Capital, the investment banking arm of the National Commercial Bank of Saudi Arabia (NCB). ECG has USD 800 Mn of commitments under management across three funds. The current investment in Avendus Capital is from the Eastgate Global Emerging Markets Fund.

NCB Capital (NCBC), a joint stock company incorporated in the Kingdom of Saudi Arabia, is the investment banking subsidiary of the National Commercial Bank of Saudi Arabia (NCB). NCBC specializes in investment banking, asset management and brokerage services and is licensed by the Capital Markets Authority in Saudi Arabia. The team at NCBC has successfully invested NCB’s proprietary capital in alternative assets since 1995. Such investments include hedge funds, structured credit and private equity. NCBC has also been actively investing in regional and global stock markets. NCBC has a paid-up capital of USD 270 Mn and approximately USD 11 Bn of assets under management.

With over 50 years of history, NCB was the first bank established in the Kingdom of Saudi Arabia. As of December 2007, NCB had total equity of approximately USD 7.9 Bn, making it the largest bank in the Middle East (ranked by equity size). For the year ending December 2007, NCB earned a net profit of USD 1.6 Bn on an asset base of USD 56 Bn. NCB has over 5,100 staff and currently operates 264 branches throughout the Kingdom of Saudi Arabia. The bank also operates branches in Beirut, Lebanon and has representative offices in London, Seoul, Tokyo and Singapore. In 2007, NCB acquired a 60% stake in Türkiye Finans Katilim Bankasi, one of the leading Participation Banks in Turkey. NCB currently maintains an A+ S&P credit rating and a Fitch Agency credit rating of A.