BOB ventures into wealth management, signs MOU with India Infoline

Mumbai, Jan 25 (UNI) Making its foray into wealth management, Bank of Baroda (BOB) today announced the launch of its 'online trading services' for its customers in Mumbai and entering MoU with India Infoline Ltd (IIL) in this connection.

Briefing the media about it here today, the bank CMD, Dr Anil Khandelwasl, said that ''With the launch of this service, we have taken one more step towards fulfilling our aspiration of being the multi-specialised bank which in other words means an Indian bank of international standards.'' As a part of the alliance, India Infoline Ltd shall inter-alia provide the services to the customers of the bank, which would mean securities trading including derivatives trading, commodity trading services, depository services, portfolio management services and research&analysis services offered by IIL.

''Our unique offering will allow our customers to transfer funds online and receive immediate limits against the same,'' he added.

Christened as 'Barodae-trading', the services will enable bank's customers to have a three in one facilities for transactions both on-line and off-line trading through India Infoline, while funds and securities can be transferred to/from their bank and demat accounts.

This will enable investors to transact in the securities market and also access high quality investment advises from experienced research team of IIL.

IIL CMD, Nirmal Jain, said on the occasion that ''This alliance is a good opportunity to the millions of customers of the bank to become a part of the Indian stock market revolution as they will be able to trade in both the BSE as well as the NSE.'' They can also harness well-researched information provided through the web which has been acknowledged even by Forbes as the best, he added.

UNI