KVB ties up with IDBI Capital for e-trading

Karur, Tamil Nadu, Apr 27 (UNI) The private sector Karur Vysya Bank (KVB) today signed a Memorandum of Understanding (MoU) with IDBI Capital Market Services Limited, to offer online trading facility for the depository participation services being launched by the KVB for its clients.

The MoU was signed by KVB chairman P T Kuppuswamy, IDBI Deputy Managing Director O V Bundellu and IDBI Capital Managing Director and CEO S Muhnot at a function here.

Later, addressing a press conference, Mr Kuppuswamy said the demat services would be made available at KVB by virtue of this MoU, commencing from June 2007.

Initially, the service would be available through 13 major branches located in various cities. The facility would be extended to all KVB branches in a phased manner and before the end of this fiscal, at least 80 branches would have the facility, he added.

The bank, which achieved Rs 1,100 crore as net-owned funds ending March 31, 2007, was planning to introduce five or six new products based on technology to live up to their objective of being a truly Techie Bank, he said.

On the performance of the Bank for the financial year 2006-07, Mr Kuppuswamy said KVB had reached a total business level of Rs 16,526.15 crore and recorded impressive growth in respect of both deposits and advances at 23.7 per cent and 26.18 per cent rates respectively.

Mr S Muhnot, who was present at the press conference said this association with KVB would provide customers with a world-class online investing platform with the backing of two reputed and established financial institutions of the country.

With this tie-up, KVB would be able to provide comprehensive investment solutions to all their customers. It would also help them to push their DP services. IDBI Capital in turn would benefit from the wide reach and presence of KVB, he added.

He said before the end of this financial year, IDBI Capital would rope in five to six banks to its fold with special focus on the eastern and southern region of the country.

UNI