Federal Bank today rose over 5% to Rs.94.40 and continues to figure amongst the top five gainers on the BSE.

The stock price is up after its announcement that it has acquired a minority 26% stake in Equirus Capital.

This augurs well for the Bank as the acquisition marks its foray into investment banking, expanding its portfolio to go beyond the traditional banking products.

The Bank stated that given its dominant position in the NRI  space and a strong customer base of over seven million, this will also help it provide superior wealth management offerings to its consumer bank clients.