Canara Bank has invested in Bengaluru-based credit rating agency Brickwork Ratings. The completion of the deal was announced via an exchange release on Tuesday.
R K Dubey, chairman and managing director of Canara Bank suggested that there are many synergies at play.
“Brickwork and Canara Bank are both Bengaluru-based entities. Canara Bank and Brickwork would collaborate in various activities related to banking and credit rating. The strategic investment would help take up joint activities on risk management, training, research, financial inclusion, credit rating models, events, conferences,etc.” he said.
Vivek Kulkarni, Managing Director of Brickwork Ratings also alluded to the regional connection.
“We are very excited to be partnering with a hundred year old bank from Karnataka. Brickwork is committed to make a difference in the ratings industry and emphasizes research, training and financial literacy,” he said.
Canara Bank is a nationalized bank with a total business of over Rs.6 lakh crore, according to the press statement.
Brickwork Ratings offers Bank Loan, NCD (Non Convertible Debenture), Commercial paper, MSME (Micro, Small and Medium Enterprises) ratings and other grading services, according to its website. Brickwork has presence in Bengaluru, New Delhi, Mumbai, Chennai, Hyderabad, Kolkata as well as forty cities in India.
Financial details of the deal were not disclosed.
Canara Bank was trading up 3.46%, at Rs.357.4 at the time of writing. It out-performed the banking index, which was up 1.23%.
Average basmati exports realisation
Financial year Price (Rs/kg)
2010-11 47.90
2011-12 48.61
2012-13 56.10
R K Dubey, chairman and managing director of Canara Bank suggested that there are many synergies at play.
“Brickwork and Canara Bank are both Bengaluru-based entities. Canara Bank and Brickwork would collaborate in various activities related to banking and credit rating. The strategic investment would help take up joint activities on risk management, training, research, financial inclusion, credit rating models, events, conferences,etc.” he said.Vivek Kulkarni, Managing Director of Brickwork Ratings also alluded to the regional connection.
“We are very excited to be partnering with a hundred year old bank from Karnataka. Brickwork is committed to make a difference in the ratings industry and emphasizes research, training and financial literacy,” he said.
Canara Bank is a nationalized bank with a total business of over Rs.6 lakh crore, according to the press statement.
Brickwork Ratings offers Bank Loan, NCD (Non Convertible Debenture), Commercial paper, MSME (Micro, Small and Medium Enterprises) ratings and other grading services, according to its website. Brickwork has presence in Bengaluru, New Delhi, Mumbai, Chennai, Hyderabad, Kolkata as well as forty cities in India.
Financial details of the deal were not disclosed.
Canara Bank was trading up 3.46%, at Rs.357.4 at the time of writing. It out-performed the banking index, which was up 1.23%.
Average basmati exports realisation
Financial year Price (Rs/kg)
2010-11 47.90
2011-12 48.61
2012-13 56.10
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