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Mumbai: Yes Bank and Shinsei Bank of Japan on Wednesday signed an agreement to advise
companies on cross-border deals between the two nations.

The alliance will play an active role towards further augmenting investment flows into the Indo-
Japanese corridor, a Yes Bank statement said, adding the tie-up will enable both banks to
leverage their combined expertise, strong local knowledge and excellent corporate relationships
to jointly pursue M&As, JVs and merchant banking opportunities.

Speaking on the development, Yes Bank managing director and chief executive Rana Kapoor
said, ³This alliance reinforces our commitment towards the Indo-Japanese business corridor and
demonstrates the trust that we have been able to build, grow and sustain in our relationship with
leading financial institutions worldwide...this alliance will enable us to further enhance our
investment banking services and facilitate overall bilateral cooperation through strategic
interventions.´

Shinsei Bank president and chief executive Shigeki Toma said, ³Over the past two years, we
have developed strong collaborative relationships with Indian financial institutions and
especially with Yes Bank, in the domain of Japan-India cross-border M&As. As Japanese
companies have stepped up their India operations in recent years, we have signed this business
alliance to expand the range of services we provide to our customers through stronger
collaboration with Yes Bank.´

Shinsei is a diversified Japanese financial institution providing a full range of financial products
and services to both institutional and individual customers. The bank has total assets of $125.4
billion on a consolidated basis as of September 2010.

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Mumbai: Axis Bank Ltd will acquire the investment banking and broking units of Enam
Securities Pvt. Ltd for Rs. 2,070 crore, the two firms said on Wednesday.

The deal will take Axis Bank a step closer to becoming a universal bank while it marks the end
of the road for one of the most successful homegrown investment banks in India.

As part of the all stock deal, Enam shareholders will get 5.7 shares of Axis Bank for every one
Enam share they own, leaving them with a stake of 3.3% in Axis Bank¶s expanded share capital.
The Enam units and Axis Bank¶s own fledgeling investment bank unit will be folded into a
wholly owned subsidiary of India¶s third largest lender in the private sector.

Key executives from Enam will move to Axis Bank, including Manish Chokhani, who will
become chief executive officer (CEO) of the subsidiary.

Enam Securities chairman Vallabh Bhansali will be a director on the Axis Bank board.

Negotiations between the two parties began on 3 September and the deal was finally closed on
Tuesday night at the south Mumbai office of Anil Singhvi, who advised Enam. The Macquarie
Group was adviser to Axis Bank.

The senior Enam executives who will move to Axis Bank have agreed to stay on for at least two
years, since their relationships and skills will be critical to build the new investment banking
subsidiary. Axis Bank has also retained the right to use the Enam brand for two years. The two
companies have also signed a five-year, non-compete agreement.

The sale is seen as part of a process of consolidation among domestic investment banks, who are
being challenged by low brokerage fees and tough competition from global investment banks
that can use their larger balance sheets to raise funds for Indian companies.

Enam ranks third this year in the India equity issuance league table, with an 8.9% market share,
behind Citigroup and local rival Kotak Mahindra Bank Ltd, according to Thomson Reuters data.