New Delhi: Web18, Ambit and Centurion Bank of Punjab on Thursday announced a partnership to pursue stock broking business with a strong Internet presence in India.
The venture will be the first of its kind with three domestic players coming together to capture the fast-growing market. Apart from stock broking, a range of financial services including distribution of third party products, portfolio management services etc. will be offered by the venture.
With increasing Internet penetration in the country, retail customers will be serviced online by the venture. It will leverage upon the online presence of Web18‘s several Internet properties including moneycontrol.com, easymf.com, poweryourtrade.com and commoditiescontrol.com as well as the extensive branch reach of Centurion Bank of Punjab.
The businesses will be managed by a professional board chaired by Mr. Rana Talwar.
“Considering Web18’s strong positioning in the online information and transaction segment, a partnership in the e-broking space is a natural extension for us. With their expertise and strong reputation in the market place, our partner’s will enable the venture in capturing a substantial market share in this business,” Managing Director of Web18 Raghav Bahl said.
Web18, a TV18 Group company, is a leading player in the Indian Internet space with presence and partnerships including the online financial space (moneycontrol.com), e-recruitment (jobstreet.com), online travel (yatra.com) and allied ventures with over five million unique visitors per month.
Ambit has extensive experience in providing financial services such as investment banking, stock broking and investment advisory services.
Centurion Bank of Punjab has strong presence across the country with over 3 million customers at its 249 branches and has significant understanding of the retail segment in India.
Ambit Corporate Finance Partner & CEO Ashok Wadhwa said: “We are excited about partnering with a leading business media group and a leading bank in what we believe will create a truly world class Indian Brokerage House.”
Speaking on the occasion, Centurion Bank of Punjab Managing Director & CEO Shailendra Bhandari said: “We are very pleased with this initiative, which will enable the bank to offer an increasing array of sophisticated financial products to our Mass Affluent and our high net-worth customers. By adding broking services, the bank will be able to complete its suite of Wealth Management Services, which currently includes complete financial advisory services and distribution of products such as mutual funds and life insurance.”
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