Indian Overseas Bank has entered into a strategic alliance with SMC Global Securities, a retail brokerage house, for offering online trading services to IOB customers through the portal www.smctradeonline.com.
An IOB e-trading client will maintain the bank account as well as the demat account with IOB and the trading account with SMC Global.
Ajay Garg, Director, SMC Global, said, “It is prestigious for us to tie up with Indian Overseas Bank as it would help SMC to increase its presence in southern India and would also help SMC to increase its client base.”
SMC has presence in more than 500 cities which can service IOB’s 3,300-odd branches.
Anurag Shankar, General Manager, IOB, said, “IOB, in association with SMC, brings a fast, convenient and hassle-free way ofi nvesting/trading in shares over the mobile or desktop.”
The trading platform is a high-end, integrated application for fast, efficient and secure execution of trades. This tie-up will help the bank provide additional services to its account-holders, increase the float and generate an additional stream of revenue for the bank, he said.