By IANS
Kochi : Geojit Financial Services, a leading Indian brokerage firm, announced Thursday a tie-up with the Bank of Bahrain and Kuwait (BBK), a leading bank in the Middle East.
Under this arrangement, Geojit will provide BBK with trained manpower and investment assistance with expertise in the Indian stock market.
Currently BBK’s non-resident Indian (NRI) customers are offered services related to investments in the Indian stock markets by NRI marketing teams in Bahrain and Kuwait with the support of NRI desks at BBK’s Hyderabad and Mumbai branches.
Present in the Middle East for more than six years, Geojit offers brokerage services for equities, derivatives and commodities, financial savings products (mutual funds, life insurance and programmed savings plans) and portfolio management services, mainly to private customers.
Abdul Karim Bucheery, deputy general manager, BBK said the partnership with Geojit adds a new dimension to BBK’s strategy of becoming a leading player in the brokerage market.
“It brings together two of the most well-known and established brands in financial services. We are committed to giving our clients the very best choices and being able to offer such an established name in the Indian stock market is vital,” he added.
With the new understanding, the NRI Banking Desk at Bahrain will be strengthened with additional staff trained by Geojit, which will enhance the quality of service to NRIs who need expert service in buying and selling in the Indian stock markets.
Established in 1987, Geojit Financial Services is listed at the National Stock Exchange of India and the Bombay Stock Exchange.
It has a network of over 400 offices, a client base of 2,50,000 unique customers and US$1 billion in assets under custody.
C.J. George, managing director of Geojit, said that this new endeavour is a logical extension of Geojit’s investment services in other Middle East countries after the establishment of joint venture financial services companies in the UAE and Saudi Arabia.
With this exclusive agreement with BBK, Geojit will provide the required training in Indian stock market operations to persons deputed by BBK, besides providing the software required for trading in Indian stock markets, research, trade and back office support.