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Counterparty · Correspondent bank

Elephanta Mercantile Bank

Elephanta Mercantile Bank is the rupee correspondent for the group's Indian pharmaceutical and animal-health positions, which are held through IGUAKO Indian Ocean Investments Ltd on the Mauritius platform. The relationship began in 2023 and is managed jointly from Port Louis and Singapore. Elephanta services the two Indian portfolio companies, handles rupee collections and supplier payments, and registers each inbound investment with the local authorities.

Type
Correspondent bank
City
Mumbai
Region
Asia-Pacific
Relationship since
2023

The relationship

Indian generic manufacturers and veterinary biologics producers are a core part of the rare-markets origination book. Elephanta gives those companies local banking under a group-wide reporting standard, and gives the group a route to repatriate dividends within the timetable the exchange rules allow. The bank reports every cross-border flow for the Compliance & Conduct Committee's quarterly return.

Services to IGUAKO and its clients

  • Rupee correspondent accounts for Indian portfolio companies
  • Inbound investment registration and reporting
  • Dividend repatriation through the Mauritius platform
  • Supplier and payroll payments in rupees

Also in the region

Asia-Pacific.