Geojit Financial Services

Geojit Financial Services Ltd has informed that the Company has entered into an agreement with Bank of Bahrain and Kuwait for providing investment services to NRIs.

In this regard the Company has issued the following Press Release:

Geojit Financial Services Ltd has announced a tie-up with Bank of Bahrain and Kuwait, one of the leading banks in the middle east. Under this arrangement, BBK will be provided with trained manpower and investment assistance with expertise in Indian Stock Market.

The Agreement brings together two major players in the stock brokerage market for providing a facility for dealing in Indian Capital Market in Bahrain and Kuwait.

BBK is engaged in the business of providing banking services, having a well-established investment division offering investing and brokerage services to its wide client base. Currently Bank's Non Resident Indian customers are offered services related to investments into Indian stock market by NRI Marketing Teams in Bahrain and Kuwait with the support off 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 the Company, which will enhance the quality of service to NRIs who need expertise service in buying / selling in the Indian stock markets. The presence of such knowledgeable staff at NRI desk would add value to the customer service and improve customer reach.

The Company is one of the leading players in Indian brokerage business. Present in the Middle East for more than six years, the Company offers brokerage services for equities, derivatives and commodities, financial savings products (mutual funds, life insurance, programmed savings plans etc) and portfolio management services, mainly to private customers. Established in 1987, the Company 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 2,50,000 unique customers and $ 1 Billion In assets under custody.

According to Mr. C J George, Managing Director of the Company, "This new endeavour is a logical extension of Geojit's investment services in the Gulf region after the establishment of Joint Venture financial services Companies in the UAE and Saudi Arabia" He added that 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, the Company shall 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.