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| Exchange Disseminated Time | Aditya Birla Money Ltd has informed BSE regarding a Press Release dated October 15, 2011 titled "Allahabad Bank and Aditya Birla Money enter into a strategic tie-up".
Press Release :
"Allahabad Bank, the oldest joint stock bank in India with a customer base of 27 million has entered into a strategic alliance with Aditya Birla Money, the broking, wealth management and retail distribution arm of Aditya Birla Financial Services Group (ABFSG). A Memorandum of Understanding (MoU) to this effect was signed by Sri M.R. Nayak, Executive Director, Allahabad Bank and Mr. Sudhakar Ramasubramanian, MD, Aditya Birla Money on October 15, 2011 at Kolkata.
Under the backdrop of growing financial services opportunity and the increasing surge in internet penetration levels, this tie up serves as a win-win proposition for both partners. With online trading gaining significant momentum, this strategic tie-up will enable Aditya Birla Money (ABM) to tap the 27 million customer base of Allahabad Bank and provide them with online trading facilities.
Through this tie-up Allahabad Bank will be able to extend its offerings beyond the realm of traditional banking, creating significant value for their customers and providing them a superior trading experience with seamless integration of state-of-the-art technology. The bank’s account holders can benefit from Aditya Birla Money’s single window interface to invest in equities, derivatives, commodities and IPOs." |
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