Religare, a diversified financial services company, and Andhra Bank, a well known Public Sector Bank in the country, have entered into a strategic tie-up offering Religare’s internet trading services platform to the Bank’s customers. This will eventually be followed by a roll-out of the entire spectrum of Religare’s services to the Bank’s customers. The partnership is a step forward to further strengthen the “Bancinvest” Channel created by Religare, which already includes tie-ups with IndusInd Bank, Tamilnad Mercantile Bank, Corporation Bank, Bank of Rajasthan and Karur Vysya Bank.
This new alliance is in line with Religare’s strategy of increasing its reach and penetration across the country. This also facilitates the creation of new business opportunities and customer centricity by leveraging the core competencies of both the organisations. Both organisations propose to work closely and leverage each other’s strengths to eventually ensure “customer delight”.
The internet trading facility or online trading service, as it is called, will be part of the value-added offering for the Bank’s savings account customers, offering them a savings and a DP account from the Bank along with an internet trading account, powered by Religare.
Mr. Sunil Godhwani, CEO & MD, Religare Enterprises Ltd. said, “Religare’s tie-up with Andhra Bank is in line with our strategy of a pan-India penetration and reach to a wider audience. This alliance gives us an opportunity to provide a one stop shop solution to all customers to execute their transactions. Religare with its integral portal, and Andhra Bank, with its network, seek to capitalise on fast paced trends of internet trading, and thus provide maximum benefits to customers.”
Mr. Anil Girotra, Executive Director, Andhra Bank said, “Our Partnership with Religare speaks of our commitment to providing a gamut of financial products and services under one roof to our customers. This alliance will enable us to expand our bouquet of capital market related facilities to our customers in terms of Banking, Depository and Broking Services.”
About Andhra Bank
Andhra Bank, a well known Public Sector Bank, serving customers for more than 85 years, having Pan India presence with a network of 1432 branches with over 20 million customers has surpassed Rs.1 lakh Crore business, brought 100% of branches under “Core Banking platform” and showed a quantum jump of 62% in the net profit as on 31.3.2009.
“AB e Trade”, a 3-in-1 account, wherein customer’s internet enabled bank account, demat account with Andhra Bank are linked to trading account. Customer can buy/sell shares backed by funds and shares available in their accounts. “AB e Trade” offers a unique facility of Lien Marking of Funds, where customer can have full control of his funds, the un-utilized portion of funds can be utilized by customer after trading hours. When customer wishes to buy and sell shares, he has to log on to the website of Andhra Bank www.andhrabank.in. While placing a buy or sell order, the system checks lien marked funds and shares favouring Religare and executes the trade on the stock exchange through online trading system. The bank account and the demat account are automatically debited at end of day. Customer can trade as many times as he wishes to on both NSE and BSE exchanges.
For more informantion, please visit - www.andhrabank.in
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About Religare
Religare (NSE Code-RELIGARE, BSE Code-532915, Bloomberg Code-RELG IN) is a diversified financial services group of India offering a multitude of investment options. The diverse bouquet of financial services which Religare offers can be broadly clubbed across three key verticals - Retail, Institutional and Wealth spectrums. The services extend from asset management, Life Insurance, wealth management to equity broking, commodity broking, investment banking, lending services, private equity and venture capital. Religare has also ventured into the alternative investments sphere through its holistic arts initiative and Film Fund. With a view to expand, diversify and introduce offerings benchmarked against global best practices, Religare operates in the life insurance space under ‘Aegon Religare Life Insurance Company Limited’ and wealth management under the brand name ‘Religare Macquarie Private Wealth’.
Religare has a pan India presence, 1837 locations across 498 cities and towns. It also currently operates from nine international locations following its acquisition of London's brokerage & investment firm, Hichens, Harrison & Co. plc (now Religare Hichens, Harrison Plc).
The vision is to build Religare as a globally trusted brand in the financial services domain and present it as the 'Investment Gateway of India'. All employees of the group guided by an experienced and professional management team are committed to providing financial care, backed by the core values of diligence, innovation, ambition and passion.
For more information, please visit - www.religare.in