The Hindu : Business : Union Bank, Emkay Share team up for e-broking

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Tuesday, Jun 03, 2008
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Union Bank, Emkay Share team up for e-broking

Corporate Reporter

CHENNAI: Union Bank of India is joining hands with the Mumbai-based broking firm Emkay Share and Stock Brokers Ltd. to offer e-broking services to its customers.

The two have signed a memorandum of understanding (MoU) in Chennai on Monday.

Addressing presspersons here on Monday, P. Y. Nagar, General Manager, Union Bank, said the alliance would offer bank customers the opportunity to invest in equities, mutual funds and initial public offerings utilising Emkay’s online trading platform ‘emtrade’.

Krishna Kumar Karwa, Managing Director, Emkay Share said Emtrade was an e-investing service which gave the convenience of investing at customers desktop. He said e-broking accounted for less than 15 per cent of the total volume of the stock exchanges and it would bound to grow in the future.

He said the company had 13 branches and 17 franchisees covering Tamil Nadu, which included 5 branches, a regional office and 7 franchisees in Chennai alone.

In the current year, Emkay was planning to add four more branches and at least 15 more franchises in Chennai.

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