Indusind Bank and Religare Join hands

Indusind Bank Ltd has announced that Religare, India's leading integrated financial services provider, and the Bank, on June 12, 2007 announced their strategic tie-up. The tie-up, though a holistic and integrated partnership, will initially focus on seamlessly offering Religare's Internet trading services platform to the Bank's customers, to be eventually followed by a roll-out of the entire spectrum of Religare's services to the Bank's customers. The internet trading facility will be part of a value-added 3-in-1 offering for the bank's savings account customers, offering them a savings and a DP account from the Bank along with an internet trading account, powered by Religare. Both parties have pledged to work closely and leverage each other's strengths to eventually ensure "Customer Delight". Religare with its state-of-the-art, value-added, 360- degree portal and the Bank with its network, ethos and customer-centric approach plan to capitalize on the fast-growing phenomenon of internet trading and seamlessly cater to the convenience-and value- seeking, cash-rich and time-poor new-age consumers.

Mr. Bhaskar Ghose, Managing Director & CEO of the Bank said: "Our partnership with Religare demonstrates yet again that Indusind Bank is committed to providing a gamut of financial products and services under one roof. 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. This move will also contribute to our non-interest income."

Religare's alliance with the Bank will be more than a mere structural tie-up. Religare will have highly-trained dedicated teams assigned for this activity working closely with the Bank to provide the support required for servicing the customers effectively. Apart from providing support and orientation to the Bank team, Religare representatives will also be available at various Bank's branches and participate in customer calls if required. This integrated tie-up is to demonstrate Religare's close involvement in this initiative and establish a sound business model for the industry.

Source : Equity Bulls

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