US financial services company Bear Stearns is entering India by acquiring Ford’s financial arm Ford Automotive Finance Company, according to an unsourced local newspaper report.
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Bear Stearns is investing INR19m in the venture and plans to be a full-fledged financial services company covering institutional equities, fixed income, investment banking, global clearing services, asset management, private client services and other services allowed for a non-banking financial company (NBFC) in India, the Economic Times of India reported on its website.
The paper said Bear Stearns would acquire Ford Automotive from its parent Ford Credit International (FCI) for INR9m.
