Financial Daily from THE HINDU group of publications
Friday, Jan 28, 2005
Financial Daily from THE HINDU group of publications Friday, Jan 28, 2005 |
|
|
|
|
|
Money & Banking
-
Financial Services IOB board okays subsidiary for financial services Our Bureau
Mr S.C. Gupta, CMD, IOB
Chennai , Jan. 27 INDIAN Overseas Bank's board of directors has approved the formation of a subsidiary company for providing financial services. Asked for a comment on this, the bank's Chairman and Managing Director, Mr S.C. Gupta, told Business Line that the subsidiary would focus on stock broking "which is a growing area." He said eventually some activities handled by IOB, such as selling insurance products, mutual funds products and depository participant services, could be brought under the new subsidiary. The operations of the subsidiary would then be strengthened by focusing on manpower, by hiring professionals. The capital structure of the subsidiary is yet to be finalised. Asked if the subsidiary would have an equity partner, Mr Gupta said for the time being IOB would go it alone, but in course of time, "if something interesting develops" an equity partner could be taken.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|