Mumbai: Religare Securities on Wednesday said it has entered into a strategic tie-up with South Indian Bank to offer its online trading platform to the bank's customers.
A joint press release issued on Wednesday said, the bank's customers will get savings and depository accounts along with Religare's online trading account. It will form part of a convenient 3 in 1 account for the bank's customers (savings account, demat account and trading account).
"This will be followed by a roll-out of the entire spectrum of Religare's portfolio of products for the customers of the South Indian Bank," it said.
The partnership will further strengthen the Bancinvest channel created by Religare, which already includes tie-ups with UCO Bank, IndusInd Bank, Tamilnad Mercantile Bank, Corporation Bank, Karur Vysya Bank, Bank of Maharashtra, Union Bank and Andhra Bank, it added.
"This strategic alliance with the South Indian Bank will further boost our strategy to increase pan-India presence and reach out to a wider audience. The tie-up also gives us an opportunity to provide a one-stop shop solution to all the customers of South Indian Bank, beginning with an online trading platform and later offering the entire gamut of products and services from the Religare portfolio," Religare Securities Chief Executive Officer Basab Mitra said.
Commenting on the tie-up, South Indian Bank Executive Vice President V G Mathew said, "Our partnership with Religare speaks of our commitment to provide the whole range of financial products to our valuable customers under one roof. This alliance will enable us to expand our bouquet of capital market related facilities for our customers."
