Customers Bancorp (CUBI) in Wyomissing, Pa., will invest $51 million to help create a bank in India.
The $3.5 billion asset company will invest in Religare Enterprises, an Indian firm that is applying for a banking license in India, Customers said Thursday. It will spread the investment out over the next 18 months.
Customers will also provide Religare with advice as it enters the banking industry, Customers Chairman and Chief Executive Jay Sidhu said in a press release.
"Going forward, our management teams extensive banking experience will be available to Religare in its banking foray," Sidhu said. "We agreed to invest after doing research on investment opportunities in the financial services industry in India with the help of Dinodia Capital Advisors, and have negotiated what we believe are very attractive terms and covenants in connection with this investment."
Customers raised more than $100 million last month in a stock offering, and began trading on the Nasdaq.