Financial Daily from THE HINDU group of publications
Friday, Dec 09, 2005
Financial Daily from THE HINDU group of publications Friday, Dec 09, 2005 |
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Money & Banking
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Foreign Banks Markets - Financial Services ABN-Amro plans to offer retail brokering services Our Bureau
Mumbai , Dec. 8 ABN-AMRO is planning to start retail brokerage services by February 2006, under ABN-Amro Equities, which is a subsidiary of the bank, said Mr Romesh Sobti, Executive Vice-President and Country Representative. In the first phase, the service will be available only for the bank's customers. By mid-2006, the service will also be available to customers outside the bank's client base. At present, the bank has 1.2 million retail clients. It will offer the broking service through all channels such as branches, phone banking and Internet. "We already offer institutional brokering and have 4.5 per cent market share," Mr Sobti said. Speaking to presspersons on the sidelines of a conference to announce the Sanctuary-ABN-Amro Wildlife Awards, Mr Sobti said in order to fund future growth ABN-Amro Bank will infuse Tier-I capital in 2006. He, however, refused to comment on the amount of Tier-I capital. In 2005, the bank brought in Tier-II capital worth 120 million euro. The bank, with 24 branches in 17 cities, has 70 per cent of revenues coming from retail business, Mr Sobti said. The bank has also expanded to non-metro cities such as Panipat, Moradabad, Nashik and Tirupur, as these are export hubs. About interest rates, Mr Sobti said secured loan products such as mortgages and auto loans are under pressure as they are finely priced, so a price hike is likely. But unsecured onessuch as personal loans are not under much pressure. Deposit rates are also under pressure, due to which banks are looking to raise funds through Certificates of Deposit (CD). In the last two months, ABN-Amro raised Rs 1,000 crore worth CDs, he said. The bank is also looking to increase its retail deposits, namely current account and savings account, he added.
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