First in: ABN Amro set to launch retail brokerage arm next year.
Economic Times (New Delhi, India), December, 2005
Dec. 9--MUMBAI, India -- Foreign banks seem to be finally getting into a retail space dominated now by home-grown state-owned and private banks.
ABN Amro Bank will kick off its retail brokerage operations in India from next year, signalling the entry of the first foreign bank into this segment.
It will have to jostle for a share of the market pie with aggressive Indian banks such as ICICI Bank, HDFC Bank and Kotak Mahindra, all of them have retail broking arms. Domestic banking behemoth -- State Bank of India has launched its broking service through its subsidiary -- SBI Capital Markets (SBICAP).
The rationale offered for a foray into this area is that broking services help banks bring in new customers into the fold, even as it offers new...
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