Chennai, Tamil Nadu, India
Cholamandalam DBS Finance Limited, a joint venture between the Rs. 9582 crore Murugappa Group and DBS Bank of Singapore, today announced the launch of CholaDBS Direct, an online investment portal aimed at retail investors and traders. The portal, www.choladbsdirect.com, is a financial gateway for first time as well as regular investors, helping them invest safely and securely across a wide variety of financial instruments online. The portal will initially also host most of the in house research that has been hitherto available to High Net worth Individuals (HNI) clients of the firm.
Speaking about the initiative, Mr. Atul Pande, Managing Director, Cholamandalam DBS said, "With the launch of CholaDBS Direct, we expect to gain a sizable market share in the online trading space. Our partner, DBS Vickers Securities, the securities arm of the DBS Group, is a strong online player, and we have integrated our domestic and international knowledge to ensure we present a very strong platform to Indian investors. With our strong focus on customer choice and transparency, we believe we can play a pivotal role in this industry over the next three to five years. The product would now be available across all our 90 existing wealth management branches across 46 cities."
"CholaDBS Direct's trading platform offers a very user friendly interface for both active traders as well as investors. More over, we are continually going to build around technologies that allow clients to experience online trading in a very different way. We have also priced it vey aggressively and are offering a 3-in-1 account in partnership with banks" said Mr. Sandip Raichura, Head Broking, Cholamandalam DBS. "The portal was being test marketed in some key locations over the past few months and the initial response suggested that the online community would continue to not only grow substantially but also force key players to bring strength and variety in their offering. Our client service standards would continually be ramped up to ensure we retain a large part of our investor base over the years", he added.
Cholamandalam DBS will also be looking at partnering with banks and other financial institutions to offer their customer base a range of white labeled retail products including personal loans and online broking through www.choladbsdirect.com.
About Cholamandalam DBS Finance Limited
Cholamandalam DBS is a joint venture between the Murugappa Group and DBS Bank of Singapore. The Company, along with its subsidiaries and affiliates offers individual and institutional customers a range of financial services such as, Personal Loans, Vehicle Finance, Home Equity Loans, Capital Market Finance, Corporate Finance, Mutual Funds, Securities Broking and Distribution of Investment and Insurance products. The Company's shares are listed on Bombay (BSE) and National (NSE) stock exchanges.
About the Murugappa Group
Headquartered in Chennai, the Rs. 9582 Crore (USD 2.4 billion) Murugappa Group is India's leading business conglomerate. Market leaders in diverse areas of business including Engineering, Abrasives, Finance, General Insurance, Cycles, Sugar, Farm Inputs, Fertilizers, Sanitaryware, Plantations, Bio-products and Nutraceuticals, its 29 registered companies have manufacturing facilities spread across 14 states in India. The organisation fosters an environment of professionalism and has a workforce of over 32,000 employees. The Group has forged strong joint venture alliances with leading international companies like DBS Bank, Mitsui Sumitomo, Cargill, Roca and Groupe Chimique Tunisien has consolidated its status as one of the fastest growing diversified business houses in India.
About DBS
Headquartered in Singapore, DBS Group Holdings Ltd is the holding company of DBS Bank and is one of the largest companies in terms of market capitalisation whose shares are listed on the Singapore Exchange. DBS Group and its subsidiaries form one of the largest banking groups in the region in terms of shareholders' funds and total assets as at 31 December 2007, being SGD 20.5 billion (USD14.2 billion) and SGD 233.6 billion (USD162.0 billion). DBS is a leading bank in Hong Kong. Beyond the anchor markets of Singapore and Hong Kong, DBS serves corporate, institutional and retail customers through its operations in Thailand, Malaysia, Indonesia, India, China and The Philippines. The Bank's credit ratings are one of the highest among banks competing in the Asia-Pacific region, and in Singapore.
Source: Cholamandalam DBS Finance Limited (Business Wire India)
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