MANAMA, 20 September 2007 — Bank of Bahrain and Kuwait (BBK) India has tied up with one of India’s largest stock brokers, Geojit Financial Services Limited. Under the arrangement, BBK will be provided with trained manpower and investment assistance with expertise in the Indian stock market. The agreement also brings together two major players in the stock brokerage market for providing a facility for dealing in the Indian capital market from Bahrain and Kuwait.
Currently BBK’s non-resident Indian (NRI) customers are offered services related to investments into Indian stock market by NRI marketing teams in Bahrain and Kuwait with the support of NRI desks at BBK Hyderabad and Mumbai branches. With the new understanding, the NRI banking desk at Bahrain will be strengthened with additional staff trained by Geojit Financial Services, which will enhance the quality of service to NRIs. The presence of such knowledgeable staff at NRI desk would add value to the customer service and improve customer reach.
Geojit Financial Services is listed in India on the National Stock Exchange and the Bombay Stock Exchange.
It has a network of over 400 offices, a client base of 425,000, and $1 billion in assets under custody.
“The partnership with Geojit adds a new dimension to BBK’s strategy of becoming a leading player in the brokerage market,” BBK Deputy General Manager Abdul Karim Bucheery said. “This is a significant announcement. It brings together two of the most well-known and established brands in financial services, brands that are prominent in the region, as well as in other international markets.
“For our clients, being able to offer Geojit brokerage expertise is also significant. We are committed to giving our clients the very best choices and being able to offer such an established name in the Indian stock market is vital,” he said.
“Our client base is made up of sophisticated investors who understand the need for diversification in any balanced investment portfolio. With many clients originating from the subcontinent, offering them Geojit services gives them more opportunity to diversify their holdings within the Indian booming economy, and be exposed to markets that was out of there reach,” Geojit Managing Director C.J. George said.
“Barjeel Geojit Securities LLC has offices in the cities of Dubai, Abu Dhabi, Sharjah and Ras Al-Khaimah serving more than 30,000 NRIs. Aloula Geojit Brokerage Co in Saudi Arabia intends to open 12 branches in the Kingdom soon.
“With this exclusive agreement, Geojit will provide the required training in Indian stock market operations to persons deputed by BBK, besides providing the software required for trading in Indian stock market, research, trade and back office support.”
