Reliance Cap in retail foray

Former ITC treasury head named chief executive officer of R Trade.

Reliance Capital, a Anil Ambani company, has formed a retail distribution arm, R Trade, for selling financial products.

Sudip Bandyopadhyay, a former head of treasury at Kolkata-based ITC, has been appointed the chief executive officer of R Trade, sources said.

Reliance Capital has an asset management company and a non-life insurance company under its umbrella. It plans to enter into life insurance business at a later stage and already holds a a licence for that.

R Trade has started recruiting its staff. "It will distribute all sorts of financial products including insurance and mutual fund units," said sources. Reliance Capital is also drawing up plans for entering into consumer finance.

A beginning could even be made through acquisition of loan portfolios, and eventually be present in "the A to Z of financial services", the sources said.