Central Bank of India in a Strategic Tie up with Angel Broking for On-Line Trading

Central Bank of India, one of the leading public sector banks in India and Angel Broking, India’s premium broking house today entered into a strategic tie-up, offering Angel’s on line trading services platform to the bank's customers. This tie-up will provide a complete bouquet of financial solutions to their customers across the country. This collaboration will provide Angel an access to the huge client base & Network that Central Bank of India has, helping it tap the untapped market & diversify its base.

The central theme of the solution is to make it easy for Central Bank of India customers to trade online, and manage all the three accounts i.e Deposit, Demat and Trading with a single online interface. The platform allows the customer to lien mark funds from the Banks deposit account towards the Angel trading account; block and unblock shares between Bank’s demat account and Angel trading account; and finally trade instantly. If the customer does not use the funds for trading, the lien mark is automatically released.

The solution has been customized to meet needs of customers across all segments. Central Bank customers have the choice of selecting Online Trading, Mobile Trading or a dealing facility through the phone. The customer can opt of one or more of the following segments: Equities, Futures & Options, Exchange Traded Currency Derivatives and Commodities, on the single platform. The platform also allows access to multiple exchanges, namely BSE, NSE, NCDX,

MCX, and MCX-SX.

Announcing the tie up with Central Bank of India, Shri S. Sridhar (Chairman & Managing Director – Central Bank of India) said, In order to evolve as a vibrant organization matching customer expectations with various innovative banking and financial products, Bank is launching on-line trading facility by signing an agreement with Angel Broking, a leading Brokerage firm .Through this tie-up we will be able to introduce multiple customer centric initiatives. Our partnership strengthens and enhances Central Bank of India’s reach to provide comprehensive Finance solutions to a widespread customer base.

Mr. Dinesh Thakkar, Chairman & Managing Director, Angel Broking who is abroad at present in his message said “ we are indeed proud to get associated with the Central Bank of India as their partners to offer seamless on-line trading platform to their customers. With our state of art Trading Platform, the bank’s customers will be able to trade across Equities, Futures & Options, Exchange Traded Currency Derivatives and Commodities with total transparency in their deals undertaken across Exchanges”.

Mr. Vinay Agrawal, Executive Director Angel Broking said “Our mission is to provide the best of products and services to support customers in their business and personal progress. We are extremely excited with our partnership with Central Bank of India which gives us a big opportunity to bring value to the customers. This alliance will further boost our strategy of increasing our pan-India presence and there by reaching to wider customers. Angel broking currently has seven percent share in equity market and over eight lakh customers. I expect that the tie-up will boost up our revenue. We are confident that through this collaboration, Angel can further leverage its strong product range to customers across India.”

SOURCE: https://www.centralbankofindia.co.in/upload/news/Press_Editors_Press_Release_angel.pdf