"New facility to woo investors"

EXPLAINING THE DETAILS: M.S. Sundara Rajan, Executive Director, Indian Bank, addressing mediapersons in Tirunelveli. Photo: A. Shaikmohideen  

Staff Reporter

Plan to expand merchant banking

TIRUNELVELI: Indbank Merchant Banking Services Limited, a subsidiary of Indian Bank engaged in merchant banking, stock broking, depository participant and allied activities, inaugurated its seventh branch at Tirunelveli on Friday.

The director of ` Daily Thanthi,' B. Sivanthi Adityan, inaugurated the branch at 33, Madurai Road, Tirunelveli Junction. M.S. Sundara Rajan, Executive Director, Indian Bank, was present.

Mr. Rajan told reporters that the new branch would attract more investors towards capital market.

The bank has also plans to open offices at Madurai, Hyderabad, Puducherry, Vadodara, and Kolkata in 2006 - 2007 and six more at Vijayawada, Rajkot, Pune, Jaipur, Indore and Kochi in 2007 - 2008, increasing its network of offices to 18.

In addition, the bank has proposed to put up broking terminals at select branches of Indian Bank for increasing its reach and operations. This would enable the Indbank to capitalise on the distribution network of Indian Bank and generate higher volumes of business.

Mr. Rajan said that the Indbank had applied to the Securities Exchange Board of India (SEBI) for registration for providing Portfolio Management Services.

It would be positioned as a premium service targetted at high networth individuals with a minimum portfolio size of Rs. 10 to 25 lakh per individual.

The bank had also submitted its application to SEBI through Madras Stock Exchange Financial Services and BSE for acting as sub-broker of MSE Financial Services.

Once the approval is given, this facility would be provided not only to the customers of IBMBS, but also customers of Indian Bank, he said.

The president and Whole Time Director, Indbank, S. Annadurai, and the vice-president (Finance) and Company Secretary, P. Mugundan, were present.