(RTTNews) - Brokerage firm IL&FS Investsmart was on Thursday re-branded as HSBC InvestDirect (India) to align it with the HSBC brand pursuant to the receipt of the fresh certificate of incorporation from Registrar of Companies, Maharashtra. HSBC, which acquired a 93.86 per cent stake in the Indian brokerage firm last September, has recently initiated the process to de-list the company from the stock exchanges.
"HSBC InvestDirect" is a global retail broking brand which has presence in five countries. The acquisition of InvestDirect was in line with the HSBC Group's strategy to increase its operational base in India, which is one of the Group's fastest growing markets in the world. Speaking on the occasion, Naina Lal Kidwai, Group General Manger and Country Head, HSBC India said that customers would now benefit from a complete suite of financial products and services under the HSBC brand umbrella. " The acquisition of HSBC InvestDirect has offered HSBC's banking customers an option to avail retail broking services while providing us with the enhanced reach to offer our wealth management products like mutual funds and insurance through over 200 outlets," she said. HSBC InvestDirect has 77 branches and 151 franchisee customer touch points in India through which it offers products and services comprising, advisory, trading and NRI Services to over 160,000 retail and institutional clients. Manasije Mishra, managing director and CEO, HSBC InvestDirect added: "The HSBC brand, a strong network, and a loyal and growing customer base will make HSBC InvestDirect one of the strongest names in the industry." Over the next few months, HSBC plans to leverage HSBC InvestDirect outlets across the country to increase the reach of its financial product and service offerings in the wealth management, life insurance, and asset management segments to customers. HSBC InvestDirect also has a non-banking finance arm, which of late reduced offering unsecured consumer loans due to difficult market conditions. Separately, HSBC InvestDirect (India) said that it has surrendered the capital markets services license granted by the monetary authority of Singapore for 'dealing in securities' to IL&FS Investsmart Asia Pacific (P), a wholly owned subsidiary of the company. On the BSE, IL&FS Investsmart was last trading at Rs.270.50, down a modest 0.15% in a weak market. by RTT Staff Writer For comments and feedback: contact [email protected] http://www.rttnews.com/Content/TopStories.aspx?Id=1040175 --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
