Television Eighteen India Ltd has informed the BSE that Ambit, Web18 and Centurion Bank of Punjab had announced a partnership to pursue stock broking business with a strong Internet presence in India. The venture will be the first of its kind with three domestic players coming together to capture the fast brokerage market.
Apart from stock broking, a range of financial services, including distribution of third party products, portfolio management services, etc., will be offered by the venture. With increasing Internet penetration in the country, retail customers will be serviced online by the venture. It will leverage upon the online presence of Web 18's several Internet properties, including Moneycontrol.com, Easymf.com, Poweryourtrade.com and Commoditiescontrol.com as well as the extensive branch reach of Centurion Bank of Punjab. The businesses will be managed by a professional board chaired by Rana Talwar.
The three players bring together complementary strengths for the business. Ambit has extensive experience in providing financial services such as investment banking, stock broking and investment advisory services Web18, a TV18 group company, is a leading player in the Indian Internet space with over five million unique visitors per month. With over three million customers at its 249 branches, Centurion Bank of Punjab has a strong presence across the country and has significant understanding of the retail segment in India.
Ashok Wadhwa, Partner and CEO, Ambit Corporate Finance, said, "We are excited about partnering with a leading business media group and a leading bank in what we believe will create a truly world class Indian brokerage house."
"Considering Web18's strong positioning in the online information and transaction segment, a partnership in the e-broking space is a natural extension for us. With their expertise and strong reputation in the market place, our partners will enable the venture in capturing a substantial market share in this business," said Raghav Bahl, Managing Director of Web18.
Shailendra Bhandari, Managing Director and CEO, Centurion Bank of Punjab, said, "We are very pleased with this initiative, which will enable the Bank to offer an increasing array of sophisticated financial products to our mass affluent and our high net-worth customers. By adding broking services, the bank will be able to complete its suite of wealth management services, which currently includes complete financial advisory services and distribution of products such as mutual funds and life insurance. The bank is also pleased to be partnering with Web18 and Ambit, who are leaders in their respective fields."
The joint venture is subject to obtaining all regulatory approvals. Amarchand Mangaldas are the legal advisors to the joint venture.