Dutch financial powerhouse Rabobank has hiked its stake to 100 per cent in its arm Rabo India from 75 per cent by infusing $25 million, and plans to increase its staff strength by 50 per cent.
After the parent hiked its stake to 100 per cent and invested $25 million, Rabo India's networth has gone up to Rs 300 crore (Rs 3 billion).
The move comes after Rabobank identified India as one of the five key regions in the world for its ongoing and future expansion plans.
"We are truly inspired by the vision of making a significant and enduring contribution to the Indian economy in our focus sectors even as we strive to fulfill our corporate mission of adding financial value to the business of our customers by effectively contributing to the business goals," Rabo India CEO, Rana Kapoor, said in a statement.
Rabobank, the only private bank to enjoy "AAA" rating from global rating agencies Standard & Poors and Moody's, also plans to increase staff strength from 75 to 110 this year.
Apart from hiring middle to senior level management staff in Rabo India, the bank promoted some of its existing staff.
Rabo India's directors Aditya Sanghi, Shailesh Shirali and Ronil Sujan have been promoted to executive directors' post, while Chris Stobbe has been inducted as executive director and head of risk management.
Rabo India has extended credit to top corporates in the food and agri business, life sciences, telecom, media, IT, infrastructure and financial services.
The Indian arm of euro 377-billion Dutch bank also advised many companies on mergers, joint venture, corporate restructuring and project finance.
