Business Daily from THE HINDU group of publications
Wednesday, Apr 09, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Apr 09, 2008 ePaper | Mobile/PDA Version |
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Money & Banking
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Financial Services Marketing - New Products & Services Arthaeon to offer third party personal financial products
Our Bureau
Mumbai, April 8 The newly launched Arthaeon Financial Services said it would offer all third-party retail financial products under the brand name Artha Money. It is targeting a million customers in a year. The company is planning to sell retail investment products such as mutual funds, gold, real estate, insurance and also offer products such as credit cards, travel cards, personal loans and home loans, said Mr Suresh Rangarajan, Managing Director and CEO. Artha Money has tied up with Barclays Bank for credit cards and with ICICI Bank for home loans and personal loans. For its other businesses, Arthaeon would acquire five subsidiaries, which hold regulatory licences for equity broking, commodity trading, depository services, insurance selling, money remittance and forex management, Mr Rangarajan said. Arthaeon’s initial capital base is about Rs 200 crore. It has sold 75 per cent of its stake to a US-based private equity firm and Times Private Treaty, a subsidiary of Bennett, Coleman and Company. Initially, the company will earn its income from distribution and brokerage fees and will not charge any fees from consumers for distribution and advisory services. But over a period of time customers too will be charged, said Mr Rangarajan. Artha Money will open about 50 branches this year in Tamil Nadu, Andhra Pradesh and Karnataka. The staff strength is currently 140 and will go up to 600 in a couple of quarters. The target is to break even by 2010, Mr Rangarajan said. More Stories on : Financial Services | New Products & Services
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