Religare strengthens its “Bancinvest” Channel Adds Karur Vysya Bank to its kitty

New Delhi, December 12, 2008: Religare, an integrated financial services provider, and Karur Vysya Bank today announced their strategic tie-up offering Religare’s equity trading services to the Bank’s customers. This will eventually be followed by a roll-out of the entire spectrum of Religare’s services to the Bank’s customers. The partnership is a step forward to further strengthen the “Bancinvest” Channel created by Religare, which already includes tie-ups with IndusInd Bank, Tamilnad Mercantile Bank, Corporation Bank, Bank of Rajasthan, etc.

This new alliance is in line with Religare’s strategy of increasing its reach and penetration across the country. This also facilitates the creation of new business opportunities and seamless customer centricity by leveraging the core competencies of both the organisations. Both organisations will work closely and leverage each other’s strengths to eventually ensure “customer delight”.

The equity trading service will be part of value-added offering for the Bank’s savings account customers. Religare will map its own branch network with the net work of the Bank to service the clients of the Bank. Pre-trading account opening activity will be done at bank branch and post-trading account opening the clients will be served by Religare designated branches.

Mr. Sunil Godhwani, CEO & MD, Religare Enterprises Ltd., said, “Religare’s tie-up with Karur Vysya Bank is in line with our strategy of a pan-India penetration. This alliance with the bank will allow its customers to seamlessly execute their equity transactions effectively to best suit their needs and demands.”

Mr P.T. Kuppuswamy, MD & CEO Karur Vysya Bank said, “KVB is a one stop shop financial supermarket that offers the entire range of financial solutions to its customers. Under parabanking activities, our customers get the conveniences of Bancassurance, demat accounts and investing in mutual funds. This arrangement with Religare will provide the three in one facility of demat account, bank account and trading account to our customers.”

About Karur Vysya Bank
Karur Vysya Bank was started in the year 1916 in Karur, then a small textile town with a vast agricultural background, by two illustrious sons of the soil – Sri M.A. Venkatarama Chettiar and Sri Athi Krishna Chettiar. What started as a venture with a seed capital of Rs. 1.00 lakh has grown into a leading financial institution that offers various financial services to millions of its customers under one roof.

The bank has a branch network of 288 and an ATM network of 291. The bank plans to improve the branch network to over 320 by the end of the financial year 2008-09.

KVB is one of the earliest banks in the country to achieve full networking of its branches under Core Banking Solutions, offering services through multiple delivery channels.

www.kvb.co.in

About Religare Enterprises Limited
Religare Enterprises Limited (REL), (NSE Code-RELIGARE, BSE Code-532915, Bloomberg Code-RELG IN), is one of the leading integrated financial services groups of India. REL's businesses are broadly clubbed across three key verticals, the Retail, Institutional and Wealth spectrums, catering to a diverse and wide base of clients.

The vision is to build Religare as a globally trusted brand in the financial services domain and present it as the 'Investment Gateway of India'. All employees of the group guided by an experienced and professional management team are committed to providing financial care, backed by the core values of diligence and transparency.

REL offers a multitude of investment options and a diverse bouquet of financial services with its pan India reach in more than 1550 locations across more than 460 cities and towns. REL also currently operates from 10 countries globally following its acquisition of London's oldest brokerage & investment firm, Hichens, Harrison & Co. plc.

With a view to expand, diversify and introduce offerings benchmarked against global best practices, Religare also operates its Life Insurance and Asset management businesses in partnership with the global major – Aegon. For its wealth management business Religare has partnered with Australia based financial services major-Macquarie. Religare has also partnered with Vistaar Entertainment to launch India's first SEBI approved Film Fund offering a unique alternative asset class of investments.

www.religare.in

Religare - leading online share trading & stock broking company of India, offers a large and diverse bouquet of services ranging from commodity trading, equity trading, Personal Finance Services, Personal Financial Advisory Services, Institutional Broking services, investment banking, portfolio management services, Corporate Finance and Loan against Shares.

Subhrangshu Neogi
Head - Brand and Corporate Communications
Religare Enterprises Limited
subhrangshu.neogi@religare.in
M: 91 9910993925
Tel: 91 11 30815100 Extn.712

Sagarika Mamik Gupta
Manager, Corporate Communications
Religare Enterprises Limited
sagarika.mamikgupta@religare.in
M: 91 9910021712
Tel: 91 11 30815100 Extn. 465

This release was published on openPR.