UBI in talks with IDBI, Sharekhan for online broking

Our Corporate Bureau
14 February 2007

Kolkata: United Bank of India (UBI) has signed an agreement with Franklin Templeton for distributing the latter's products.

"This alliance will help us to reach out to retail investors who hitherto did not have access to our investment products," said Vivek Kudva, president, Franklin Templeton India.

UBI is also looking at providing online stock broking services to customers in association with a leading broking firm.

The bank, which hopes to expand its suite of capital market-related services, is in talks with well-known brokers like IDBI Capital Markets and Sharekhan.

Both IDBI Cap and Sharekhan have expanded their operations in recent times, foraying into newer business segments. Both provide Internet-based services. UBI will also provide demat services, thanks to an arrangement being worked out with CDSL, the depository.

Further, it hopes to become a service provider for investors in mutual funds who require MIN, the identification number mandatory for investments above Rs 50,000.