New Delhi: Usectrade.com, the online trading portal of UTI Securities Ltd, and Corporation Bank have entered into a strategic tie-up under which the bank will serve as a major distribution channel for the portal.
The tie-up, which was formalized recently, is UTI Securities’ first with a public sector bank. Under the arrangement, Corporation Bank will be offering three-in-one value-added accounts to its customers — a savings account, a DP account with the bank and an online trading account powered by UTI Securities Ltd.
Rakesh Singh, head, Internet trading, UTI Securities, said: “ UTI Securities Ltd will have a trained and dedicated team assigned for this activity. It will work closely with Corporation Bank for servicing the customers effectively. Representatives of UTI Securities will assist the customers at various branches of Corporation Bank .
Speaking on the occasion, Sridhar V, CEO, UTI Securities said, “We are delighted to have this tie-up with Corporation Bank, one of the oldest public sector banks. The tie up is unique and special and a small but firm step in forging and strengthening our distribution and reach across the country.”
L to R: Rakesh Singh, head, Internet broking, UTI Securities, Sridhar V, CEO, UTI Securities, U Balakrishna Bhat, general manager,Corporation Bank, N N Pal, general manager, Corporation Bank
U. Balakrishna Bhat, general manager, Corporation Bank said: “The tie-up will help our customers access a wide range of superior financial products and investment options. In a dynamic and evolving financial environment, an alliance with a leading financial services entity like UTI Securities would be of immense benefit to our customers and us.
N. N. Pal, general manager, Corporation Bank added: “ This alliance will enable us to expand our suite of capital market-related facilities to our customers in terms of banking, depository and broking services. ”
UTI Securities Ltd, a 100% subsidiary of Securities Trading Corporation Of India Ltd, proposes to enter into similar tie-ups with other public sector banks in the near future.
Apart from stock broking, UTI Securities offers a range of financial services, including commodity trading distribution of third party products like mutual funds, 8% Govt of India bonds, insurance & IPO online through www.Usectrade.com. It has a network of 41 branches and 177 authorized centres.