2018 was a very eventful year for businesses across the globe and especially in India with mergers happening throughout the year and big names joining hands. The most significant of the many mergers and acquisitions that took place in India of 2018 have been processed for a long time and finally, in 2018 the deal was sealed and the mergers made official.
With that being said, in this article, we will take a closer look at all the mergers that took place and also talk about the most significant ones of the year. Let’s begin!
Flipkart and Walmart
We have all heard of Flipkart in India. Since its inception in 2007, Flipkart has become a household name for consumers across the nation for its deals, huge savings and especially Big Billion Day.
For the past couple of years, Flipkart had been struggling to keep their feet in the market after e-Commerce giant Amazon decided to step into the game and thus in 2018, Flipkart joined hands with one of the largest retailers in the world, Walmart. The deal between the giants was announced in May 2018, where Walmart will purchase a 77 per cent stake in the company. The deal which was finalized in August 2018 also included 2 billion USD in fresh funding to help Flipkart in its goal to become the biggest eCommerce retailer in India, surpassing Amazon.
Vodafone and Idea
In 2018 the Indian subsidiary of Vodafone Telecommunications Limited and Idea Telecommunications finally received a go-ahead on their merger from the National Company Law Tribunal or NCLT. The deal which was in works since last year finally was made public in August 2018, making it the biggest network with a subscriber base of 430 million. Companies representatives mentioned that this was a strategic move to fend off competitors like Airtel and Reliance Jio by holding a market stake of 37 per cent in the Indian Telecommunications space.
ONGC and HPCL
India is a country which is heavily dependent on Petroleum and natural gas produce. Both ONGC and HPCL are household names in the country and are the major suppliers of oil and natural gas to a country of millions. In January 2018, ONGC which is a partly owned Government organization announced its acquisition of 51 per cent stake in HPCL in an attempt to help the government meet its disinvestment target for 2017-2018.
ONGC shelled around 5.2 billion USD in its move to acquire a majority stake in the state-backed refinery, which was primarily funded by loans by debtors.
Tata Steel and Bhushan Steel
In May 2018, the steel conglomerate Tata submitted a winning bid of 4.2 billion USD to buy a 71 per cent stake in its bankrupt competitor Bhushan Steel. The announcement which got the approval of NCLT is a move to improve Tata’s domestic capacity and make inroads into the automotive steel, which was till now dominated by Bhushan Steel.
Conclusion
India is a fast-growing economy and thus the biggest mergers and acquisitions of 2018 have had a severe impact of growth on the economy of the country. Now in 2018, we are to see what new mergers and acquisitions take place.
Tag: Investment Banking Courses
What Transferable Skills and Personality Traits Are Needed For an Investment Banker?
Financial careers are highly sought after because they can offer high payouts, and are exciting, high-pressure, nerve-wracking and demanding at the same time. That’s why an investment banker needs a very specific set of skills both tangible and intangible.
The banking sector job roles are customer oriented, and the most popular job role is that of the investment banker. An Investment banker is basically a broker as in the case of acquisitions and mergers, or between market and the firm like in IPO offerings, or within the firm itself like in maintaining the company’s finances.
Essential skills:
Besides the basic qualifications, the most crucial intangible skills for an investment banker are:
Proven intellect: Qualifications and an inherent liking for analytics, finances, economics, and mathematics help in job requirements and performance. Certifications from CFA- Chartered Financial Analyst and investment banking courses will in large measure help develop and whet the curiosity of an investment banker in finding solutions. A good understanding of physics, engineering, economics, computer skills, and many others will help your development.
Hardcore discipline: This trait is essential as an insider will know that it takes immense discipline to stay focused, work long hours and still be customer facing. Honesty, integrity and a lot of hard work go with the fantastic payouts you can expect in return. Discipline is quality that is largely inculcated through sports, doing additional studies like law, physical training, solving puzzles, and such activities. Remember that from your entry as an analyst to becoming the topmost director all roles work in an environment akin to a food processor and cooker. Develop those venting systems and stay focused on your daily goals.
Entrepreneurial skills: Innovation, creativity, excellent interpersonal skills are survival skills for this role. The way to approach tasks, find the right solutions and more importantly present them is a skill that is invaluable. Looking at solutions from all angles, having an open mind, and innovative thinking are traits to develop through case studies, further reading and diligent research.
Global: Knowledge of languages, a good understanding, and felicity towards cultural differences, broad-minded ability to handle situations and sensitivity to others will stand you in good stead globally. French, German, Mandarin, and English are popular languages to learn well. Your linguistic skills will also empower you in your role as an investment banker. Volunteering, disaster relief camps, foreign trips and such are great ways to build on these skills.
Building Relationships: Social skills, dressing appropriately, relationship-enhancing skills, and a healthy attitude that goodwill will aid you on the path to success. Customer acquisition and retention never happen by luck. You will need one or all of them on a daily basis, 24×7 to be able to clinch those deals and earn those fantastic brokerage fees and commissions.
Wrapping it up
The role is not an easy one. It is your drive and belief that will keep you focused as you move upwards. It is all about being on stage for much longer than you will ever expect. If you have these skills, very well! Learn more and acquire new ones as you retain the best.
What Technological Skills Are Needed For an Investment Banker?
An investment banker dons many hats every day. He needs to be well-equipped in the following technical skills and programming languages if he wants to remain successful. Like the rest of us, continued learning is just as crucial to the investment banker. Let us discuss these top technological skills for an investment banker.
Listed below are the top programming languages for technical skills for investment banking in use on Wall Street along with their advantages and disadvantages in no particular order.
- Java
Oracle’s Java favors bank programming technology because of its security and capacity for loaded programs handling large volumes of data.
It is very popular in banking because of its:
• Powerful Security Manager.
• Running runtime constraints
• Support and portability to many OS
The Java disadvantages are
• Lower speed.
• Lower productivity
• Technology that consumes memory - С
C has impacted languages like Objective-C, C , C#, Java etc. The applications include databases, bank management platforms, advanced scientific programs, software for billing, and embedded systems among many more. C is widely used to program cash register terminals, point of sale (POS) devices, and POS console systems.
Significant advantages:
• Mid-level language
• Maturity
• High speed
• Highly portable
Some limitations are
• The absence of reusable code.
• Non-flexible in fixing bugs - Python
This programming language is simple and its syntax minimalistic. Its applications lie in machine learning, data analysis, the FinTech sphere, software industries, building cryptocurrency markets, insurance, banking, and many more.
The popular features of Python are:
• Scalability, consistency, simplicity.
• Precise and fewer code lines.
• Pythonic-standards applicability help to read, modify and maintain code with ease.
• Powerful Django framework
Despite benefits being many, the drawbacks are
• No support for the web browser.
• Design restrictions. Asynchronous capabilities limited by lock and single thread.
4. C#
Microsoft’s C# has a syntax similar to Can the best of Java and C. It is used for 3D-Unity games, building .NET programs, mobile apps, and websites.
Developers favor C# for its:
• Interoperability in Cross-languages.
• C Enhancements.
• Volumes of libraries.
• Type safety
• Uninitialized variables are not permitted, making C# coding safe.
Its limitations are
• Low speed
• .NET dependency
5. Ruby
Ruby has the necessary characteristics and capabilities for rapid app development. Ruby combines features of Perl, Eifel, Ada, and Lisp besides others. It’s applications find use in financial technology, e-wallets, digital payments, analytics, and Big Data, and financial dashboards, and asset management systems.
Startups and developers favor Ruby because it affords them
• Time savings, efficiency, readily available plugins, third-party owned libraries and codeless apps for project development.
• Ruby-on-Rails framework provides a bug-free secure code to build scalable apps.
• Efficiency and cost saving
The disadvantages are
Tool Documentation is hard to find.
Boot speed decrease due to the many libraries. - C
C programs are used in investment banking where speed in execution is crucial. It is popular for programs requiring advanced levels of computation where numerous operations are processed quickly, in quantitative analytics, and in quantitative finance.
C is advantageous for its:
• Code reusability
• Speed and Efficiency.
• Rich resource libraries.
The drawbacks are:
• Complexity.
• Code writing and insecurity.
In conclusion, do investment banking courses to gain these technical skills. Each of these has its drawbacks and super advantages. The investment banker’s role is very trying and proficiency in these technical skills can alleviate some of the pressures. Check out these courses as a package or individual courses to attain practical skills so vital to your job role in investment banking.
Also Read: How to Become Investment Banker
The Change In Financial Ideals in 2018
The year 2018 has been one of consistent evolution and change. One part of society that has been impacted heavily due to the shift in ideals is the financial sectors. Investors in this year shifted their methods and strategies in an environment where uncertain financial policies impacted trade universally. This shift in financial ideals caused a shift in market behaviour leaving a lasting impact on universal technological development. 2018 was a year that brought together key elements of technological advancement that heavily impacted market behaviour and investor trends.
Technological Investor Priority
One of the largest beneficiaries in 2018 were tech industries. In a year that saw an overhaul of investor sentiment, technology remained a steady progressor in investor faith, this is due to the visible improvement in the operations of these industries across the market. This year saw more investment towards technological development with large capital raised by companies specialising in AI, Blockchain, and non-banking financial infrastructures like Venmo. On the flipside, investor faith snowballed in non-regulated financial infrastructures that were impacted by government oversight and policy, the biggest example of this is the fall of the cryptocurrency market. The change in ideals for investors culminated in the year 2018 being the first in history where traditional powerhouse markets like gems and jewellery, oil and pharmaceuticals raising less capital investments than technology and development.
The Shift In Investor Education
2018 was the year of the educated investor, financial ideals in the past year were highly focused on regulation policies by worldwide markets, investors became more cautious in investing large amounts in dwindling markets with unstable market forces, the largest drop-off in investor faith was experienced in American markets with unstable policy regulations creating an environment of uncertainty across industries. Few investors relied on sentiment-based investment, and traditional market faith dwindled heavily. The focus shifted to conservative investment banking courses strategies in most industries, the exception being medical technology, AI and security.
What Are The Concerns?
The past year also was a year of deep introspection by markets on core issues of technology development, with Facebook, Google and Uber being questioned by governments and users alike on user-privacy, applicational integrity and social impact issues like cyberbullying, crypto safety and data regulation. This created an uncertain environment that led to investors questioning the ethics of technological development, the investor behaviour reflected resistance to social media investments due to lack of oversight and concerns of leadership overhauls. Another aspect of technological development that impacted investor sentiment and behaviour is the use of technology without oversight, the need for government regulation or the reluctance to accountability to ethical and sustainable development.
In conclusion, 2018 was a year of shifts in financial ideals, the year shifted the thought of investors in the short and long term and focused heavily on regulated tech infrastructure while also showing caution amongst investor faith in traditional markets. This created a new dynamic for both technological evolutions while creating questions about checks and balances to sustain the development in ethical means. The trend of technology investments focused on medicine, AI and cybersecurity seem on the up in the year 2019 as well, but other networks like social media and crypto-currencies seem to lack investor faith.
Major Financial Upsets 2018
2018 was definitely a landmark year when it comes to financial events. There were a number of events which shook the nation at the time, and importance of these cannot be understated. Let us take a look at some of the biggest events this year, which has the potential to affect the landscape over the long term.
Recap Bonds
The government went through with the plan it had conceived in October 2017 and issued recap bonds worth Rs. 88000 crore at the start of 2018. This was the first instalment in a total of Rs. 2.11 lakh crore and the government said that it would move towards bank capitalisation by infusing at least Rs. 1.06 lakh crore in issue bonds.
PNB Scam
By far the biggest scandal to rock the financial landscape this year, the first quarter was rocked by the allegations regarding a massive fraud regarding Nirav Modi and the Punjab National Bank. The size of the scam was alleged to be more than 14000 crores, and this meant that the bank had to request the RBI to spread the scam out over 4 quarters, unlike the usual procedure.
FPI Debt Investments
One of the many bold decisions which the RBI took this year, this one saw the RBI lowering the mandatory holding period by foreign investors of government debt securities in the nation from the previous tenure of three years to one, and this happened in April.
Loan Waivers
There was a huge number of loan waivers this year, with a huge amount of existing farming loans in states being waived off by the banks. It is to be noted that seven out of the nine states where this occurred were scheduled to undergo elections this year. The total loan amount waived off by the banks amounted to Rs. 1.72 lakh crore.
IL&FS
IL&FS was the largest infrastructure company in the nation, and in 2018, it defaulted on a debt of Rs. 91000 crore it had racked up. This had a huge impact on the balance sheets of many companies which worked with this organisation, and there was a massive tremor felt across the financial landscape in the nation. Even DSP Mutual Fund wrote down the investments it had in IL&FS to zero after this news was announced by the organisation.
Bank Mergers
This was a year of Bank mergers, and many banks like Dena Bank, Vijaya Bank and the Bank of Baroda underwent mergers. LIC also increased the share it has in IDBI Bank from 11% to 51%.
Resignation
After a long period of tussling with the central government regarding the higher dividends and allowing eh banks to lend more, RBI Governor Urjit Patel finally resigned from his position citing personal reasons. After a brief interim period, Shantikanta Das was appointed as the Governor of the Reserve Bank of India.
These are only a few of the many financial upsets which took place this year. We must wait to see what 2019 has in store for us, and hope that it is not as shocking a year as 2018 was.
Top Talent Rushes to Join Domestic Investment Banks
In the last few months, a multitude of high ranking professionals has left their high paying jobs at international Investment banks to join domestic ones. Some prime example of this include Vikas Khattar, who after working with international firms like HSBC, Morgan Stanley, Jeffries, Merrill Lynch and Citi for over 20 years joined domestic banking firm Ambit Capital and Anjani Kumar who took the job of managing director at O3 Capital after 20 years of working at international banks like RBS, ABN Amro and CIMB Securities. Industry experts say that in total, over three dozen such professionals have joined domestic firms in the last one year.
There are various reasons why this has been happening. Of late, with domestic firms offering a lot of growth opportunities, the appeal of having a great job at international firms has gone down among executives. Clients nowadays are more inclined to work with Indian firms considering all the time and effort that they have put in recent years to understand the Indian market and construct meaningful relationships with Indian companies. Domestic Investment banks are now also building ties with international companies so that customers do not lose out on any services which until now they could have only gained from international companies.
When it comes to fees and incoming revenue, the amount of Investment banking courses done in India has grown substantially in the last three years. Indian firms have scaled up massively in terms of operations and deals being struck. As such, the scope for growth is much more in Indian banks when compared to international ones. This attracts a lot of executives from international outfits to join Indian ones instead.
The fact that international banks have significantly scaled down their operations in India over the last few years have also contributed to these migrations. On the other hand, many domestic firms are now a part of large conglomerates which offer a multitude of services to their customers. Stock prices and its related benefits have also been a big factor. Executives working at international firms often have a harder time reaping the benefits of their shares when compared to ones working for domestic firms despite international ones having a higher cash component. As such, domestic banks offer much better wealth creation opportunities to their employees. As operations by domestic firms continue to grow, so will the wealth creation opportunities for these executives.
Top Skills to Make Investment Banking Work for You as a Career Option
Many people aspire to become an investment banker. But, very few succeed even after pursuing investment banking certification courses. Those who have applied for an investment banking job knows how hard it is to crack one. Even if you completed investment banking certification courses, you need to have that perseverance to crack the job of an investment banker. If you don’t have that perseverance, then this career option may not be right for you. An investment banker must have some essential skills to crack the job. Here are some of those skills that you can work on to ensure that you will crack your next investment banking job interview.
Analytical Ability
Analytical skill is one such thing without which you cannot become an investment banker, and even if you do become with a fluke, you will not progress much. If you don’t have analytical skills, then you will not be able to present to the prospective client the detailed investment plan or business venture analysis. That is why you need to incorporate the analytical skills with the investment banking certification courses.
Communication and Presentation Skills
The very basic skill that an investment banker must acquire is the ability to communicate with the prospective clients and the ability to persuade them to buy the investment banker’s business proposition with a stunning presentation. You have to convince your clients to believe in your ideas, and that could be done with stupendous communication skills, and the things that will help you to make them fall for that idea is the way you present to them by using slideshows, documents or spreadsheets.
Leadership and Management Skills
As an investment banker, there will times when you might have to act like a leader, or sometimes the company might ask you to lead a project. At such a situation, you will have to manage everything that is going on with the project. That is why only pursuing investment banking certification courses are not enough when it comes to landing an investment banker’s job because the men sitting on that interviewer’s chair will be judging you on the merit of how you can lead a team and manage the whole work process.
Ability to Handle Tough Situations
In a career of an investment banker, you will not have smooth sailing all the time. There will be some high tides that will make your ship wobble. How do you react to those tough situations? Can you conquer those unfamiliar territories and come out victorious? This is something that every interviewer wants to see in an aspiring investment banker. They are not that much interested in how many investment banking certification courses you have completed, it’s your ability to handle the pressure that makes the difference.
Having an Eye of an Entrepreneur
If you want to be successful in your investment banking career, then you need to have an eye of an entrepreneur. This is a skill that no investment banking certification courses can teach you. You need to have the ability to bring out business opportunities in the most unusual areas where others would back off. When you don’t have that entrepreneurship skill, you will not be able to bring out such business ideas. That is why try to develop it even while pursuing investment banking certification courses.
The Bottom Line
Every company would want to hire an asset which will provide a dividend to their organisation. That is why you need to make yourself a productive asset which a company just cannot let go. In this way, there is nothing that can stop you from becoming a successful investment banker.
What is the Big Challenge of Shadow Banking in India today?
Any investor with a semblance of market awareness would know by now about the hits that the Banking Sector has received. The NPAs truly brought to light some deep fractures in the banking practices currently, and it resulted in a reduction in the value of the stocks of many prominent banks.
However, owing to some corrective measures taken by the Reserve Bank and a change in the overarching structure, the banking sector has since been recovering from this fall.
However, these NPAs which are being addressed are only those that have been in possession of banks – the NBFCs are not included, in most cases. NBFC or Non-Banking Financial Companies are also in the same business of lending and borrowing, akin to banks in that respect. The NPAs in possession of these NBFCs also tend to have deep implications on market health and the economy.
Recently, the debt default by the IL&FS brought forth the depth of the financial risk that India’s NBFCs pose to the economy. IL&FS, or Infrastructure Leasing and Financial Services is actually a conglomerate which deals with financing and developing various infrastructure projects in the nation. This mini-crisis has worsened the capital adequacy and has contributed to the credit crunch happening today in India.
Many growing sectors were heavily dependent on NBFCs for credit, and these even include established sectors like Real Estate and the likes. Recently, a report by the Investment Banking Company Credit Suisse stated that the exposure of the NBFCs to an assortment of real estate companies could be as much as Rs. 20,000 Crores. This led to a downfall of the shares of Real Estate companies, and the economy was affected too.
The issue is that Banks is still reeling from the NPA issue that hit them head on, and are currently unable to neither increase the interest rates on their loans nor lend more to those real-estate companies that are looking for credit. This led to NBFCs taking the mantle, and this phenomenon is known as ‘shadow banking’. In India, the shadow banking sector of the lending agenies appears to be larger than that of the banks, which can have dire consequences in the economy of the nation too.
If you are interested in understanding more about the issue and about investment in general, take a look at the investment banking courses available on Imarticus Learning!
NBFCs Conceding Lost Ground to Banks
Non-Banking Financial Companies
Non-Banking Financial Companies act like banks in many ways, but there are a few differences between them and traditional banks. These organisations are registered under the companies act and may or may not come under the purview of Reserve Bank of India (RBI) depending on the type of NBFC. NBFCs are primarily involved in lending and credit activities just like banks. However, they may be classified into various kinds depending on their principal business.
- Asset Financing Companies
- Housing Finance Companies
- Merchant Banking Companies
- Investment Banking Companies
- Loan Company
- Infrastructure Finance Company
- Residuary Non-Banking Company
As is evident from the various classes of NBFCs given above, they act mostly like banks being involved in the disbursement of loans, an extension of credit and investment activities. Moreover, a class of NBFCs may even accept deposits from customers. However, the major difference between banks and NBFCs is that NBFCs cannot accept demand deposits and they do not partake in the payment and settlement system, that is, they cannot act as drawee banks for issued cheques.
Why did NBFCs gain in popularity?
NBFCs experienced a sudden spurt in their fortunes because of several reasons, not least of which were easy availability of liquidity. The borrowers were attracted to these companies as they were easier to deal with than banks. In spite of charging higher rates of interest, they were successful in expanding their credit growth because they were willing to lend money more easily thereby taking on greater risks. The faster processing rates, leniency and less stringent regulations prompted the growth of such companies. A major source of easy liquidity for these NBFCs has been mutual funds.
But the growth in the NBFC sector can somewhat also be attributed to mismanagement in banks. With bad loans and non-performing asset size continuously increasing, the loan books of banks did not experience the kind of growth that befitted them. The strict regulations by RBI made the lending activities of the banks more difficult. However, in the long run, such steps would prove to be beneficial as the balance sheets get healthier and returns on assets go up.
Liquidity Crunch in NBFCs
With the default of IL&FS on its loans, the market has suddenly turned cautious in dealing with NBFCs. The mutual funds no longer have the same level of confidence in non-banking financial companies as they used to have earlier. This has made things difficult for these companies who are no longer able to roll over their short-term loans as easily as they were able to a few months earlier. Housing and SME (Small and Medium Enterprises) sectors are major areas where the fallout effects of such phenomena are being observed.
Banks Are Set to Gain
With this squeeze in funds available to NBFCs, the institutions or organisations that are poised to gain are banks. The deposits in the banks have grown at a healthy rate of 30% Compounded annual growth rate, and the depositors continue to repose unwavering faith in banks. With the NPA (Non-Performing Assets) mess behind us, the banks look set to regain some of the lost ground that they may have conceded to non-banking financial companies.
With the infusion of fresh capital into banks, they have been accorded a new lease of life and are running at their full steam. Coming to their aid is better and more advanced technologies that are helping reduce operational times and making the customer’s experiences easier and hassle-free. As interest rates rise across the sector, the big, well-capitalised banks will look to make the best use of such lucrative conditions. The situation is ripe for these banks to make higher revenues not just by increasing the volumes but also the spreads on those balances.
A big cheer Christmas and New Year cheer seems to be on its way to cash in on the big banks!
A Newbies Guide to Investment Banking
To the layperson with limited knowledge of commerce and banking, ‘Investment Banking’ is bound to be a mystery of sorts. The general understanding of investment banking among the common public is limited and investment banking continues to remain the domain of specialists or in other words investment bankers.
In a way, this is justified. The complex financial operation should be left in the hands of experts just as investment banking courses is left to investment bankers. However, there is little reason not to have a general understanding of investment banking.
It could probably serve you well at some point in time, especially, if you run a business that has the potential of going public or if you aspire to work in the banking sector. Additionally, a basic understanding of any subject, no matter where your interests lie or the nature of your profession is never a bad thing. It is all about knowledge for knowledge’s sake which should drive you to ask the question “What is investment banking” and seek out the answers that are laid bare for you within this article. Read further to know more.
Definition of Investment Banking for Newbies
If you find yourself asking what is investment banking? The investment banking meaning or definition as detailed below should serve you well. Investment banking courses can lead you further in the right direction.
Investment Banking meaning in the simplest of terms is a branch of banking operations wherein the banks act as middlemen between companies in need of capital and investors who are happy to furnish capital or seed money in return for a profit in the future. As mentioned earlier investment banking is the area of expertise of specialists or investment bankers to be precise.
A company in need of capital is almost never in the position to source capital by itself and that’s where investment bankers come in. Investment bankers are specialists with extensive connections to investors who have money to spare and wish to invest that money in the right business ventures.
In return for a commission, an investment bank and it is a team of investment bankers will act as middlemen between a company in need of capital and investor who can furnish that capital in lieu of a profit in the future. It is easy to see how investment banking works to the advantage of growing companies in need of seed money and investors who are eager to earn money on money that would otherwise be unutilized. It is fair to say that we have established the definition and intrinsic importance of investment banking thus far. Now let’s venture deeper into additional information pertaining to how investment banking works.
As mentioned before, Investment Banking works on the principle of serving companies in need of money by mediating with investors that have money to invest in lieu of an ROI (return on investment). This process of acquiring capital or seed money on behalf of a company in need is structured. A company may access the funds its needs from an investor by means of …
- Borrow Debt
- Equity Sales
- Or Selling the Company
Borrow Debt
In the simplest of terms, borrowing debt is terminology for the terms and conditions wherein a company that is need of funding gets the money it requires from investors with the understanding that the money will be paid back over time with interest. The investment bank acts as the middleman to set this deal in motion for which it earns a fee and the investors are rewarded with paybacks along with an interest.
Selling Equity
A company may choose to gather the funding it needs by selling equity or part ownership of the company to investors. The investment bankers play an indispensable role in facilitating the sale of equity.
Selling the Entire Companies
Often times, the owners of a company may wish to sell a company for a wide range of reasons. Investment bankers also facilitate such a sale on behalf of the company in exchange for a fee or commission.
In simple terms, investment banking is an extension of brokering. However, various investment banking courses can help you go deeper into the subject; if this is where your interests lie.