IDBI Bank signs MoU with Motilal Oswal for online trading

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Mumbai, Feb 26 (UNI) State-run Industrial Development Bank of India (IDBI) today entered into a strategic alliance with private broking company Motilal Oswal Securities Ltd for online trading.

The two signed a memorandum of understanding (MoU) here, under which IDBI Bank would use the online platform of Motilal Oswal for catering its financial products including derivatives, equity and initial public offer (IPO).

Speaking on the ocassion, IDBI Bank chairman and managing director Yogesh Agarwal said ''The tie-up with Motilal Oswal Securities Ltd is a significant step in this direction. While banking is our core business, we are also putting in place ventures in life insurance, mutual fund and private equity segments as part of our diversification strategy.'' Initially, the service would be available at 120 branches of the bank and later it would be extended to all the 500 branches across the country, he said.

He said this was the area in which the bank wanted to grow.

Besides this, IDBI Bank also hopes the business from the large depository account base of Motilal Oswal.

''We hope business from that part also,'' Mr Agarwal added.

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