South Indian Bank (SIB) has enlisted the services of Doha Brokerage & Financial Services (DBFS) as a trading partner. The tie-up will enable the bank to offer portfolio investment services to its NRI customers.
In a formal event held in Ernakulam, Kerala, India, Mr.Anand Subramaniam, Head-NRI Business, South Indian Bank, and Mr. Prince George Managing Director from DBFS executed the agreement on behalf of both organisations. The event was also attended by senior management staff from SIB and DBFS such as Mr. Sanchay Sinha (SGM & Country Head - SIB) ,Mr. Paul Thomas (Director - DBFS) & Mr. Johnkutty James (ED & CS - DBFS).
Speaking on the association, Mr. Anand Subramaniam, Head-NRI Business, South Indian Bank, said, "DBFS is one of the foremost trading entities in the Middle East. Our association with them will enable us to extend our bouquet of Portfolio Investment Services (PIS) to our NRI customers spread across the globe especially at GCC countries. SIB is offering PIS account opening on mobile platform through SIB Mirror+ app since June 2023 to add more convenience and faster on-boarding. We are confident that our association with DBFS will further deepen our presence in the markets."
Mr. Prince George, MD, DBFS said, "We will be able to provide customers of SIB a world-class stock trading and investment-related services. The association will create a winning partnership to facilitate fulfilment of customer's wealth management goals. We are sure that this is the beginning of a mutually fruitful liaison."
SIB is already having partnership with other leading brokerage firms and addition of DBFS as another partner will enhance the service offerings to its NRI customers.
Shares of The South Indian Bank Limited was last trading in BSE at Rs. 20.21 as compared to the previous close of Rs. 19.55. The total number of shares traded during the day was 8710870 in over 6515 trades.
The stock hit an intraday high of Rs. 20.30 and intraday low of 19.67. The net turnover during the day was Rs. 175284464.00.