ABN Amro to foray into retail broking in 2 months

ABN Amro will begin its retail equity broking operations in 24 locations within the next two months under its institutional broking arm ABN Amro Equities Ltd.

"We are putting together the team and expect to launch the equity broking operations with the next two months," said Romesh Sobti, executive V-P, ABN Amro.

With its own retail broking, the bank will combine its wealth management services and retail broking. The bank's equity research for the retail customers would be handled by the institutional team.

ABN Amro is betting on organic growth in India. "We are focused on organic growth in India given the regulatory regime and are keen to introduce new products in the country. We are also keen on opening more branches to expand our presence in India, subject to RBI permission," Dolf Collee, member, ABN Amro board, told Business Standard.

Besides its branches, the bank has two financial services centres in Jaipur and Ahmedabad. ABN Amro currently offers consumer loans, deposits, credit cards, insurance, investment products and private banking services in India.

With retail investors increasingly taking to equity trading in a booming stock market, many players are expanding or launching their retail broking services.

Recently, ASK-Raymond James decided to offer retail broking. SBI Cap is the other big player that forayed into retail broking recently.