IndBank to foray into derivatives trading

Hyderabad, Aug 28 (UNI) After wiping out an accumulated loss of Rs 7.8 crore in the first quarter of 2007-2008, Indbank Merchant Banking Services Limited (IBMBS) plans to foray into derivates trading in the next three to six months and expand operations to another nine cities of India during the current year, a top official today said.

Opening its ninth branch here, IBMBS Chairman A Subramanian said Indbank has obtained approval of SEBI for undertaking derivatives trading and was expected to commence operations in the second quarter of the current year.

''Providing derivatives services will expand IBMBS' bouquet of services and enable it to attract more clientele as well as retain the existing clientele,'' he added.

IndbankOnline, its online trading portal system, already had 150 customers since its launch in January 2007 and targets to attract 2000 clients by year end.

As part of its restructuring and expansion activities, Indbank proposed to open offices at Pondicherry, Baroda, Kolkata, Vijayawada, Rajkot, Pune, Jaipur, Indore and Kochi in 2007-08 increasing its network of offices to 18.

''This would enable Indbank to expand its distribution value and generate higher volumes of business in the future. The Hyderabad office is looking for Rs 100 crore business in the current year,'' the IBMBS Chairman said.

UNI