Federal Bank planning to enter investment bank and equity broking businesses
October 16, 2011‐ Kochi, Kerala, India
The Kochi, Kerala-based Federal Bank is planning to enter into investment banking and equity broking business segment, according to a senior official from the bank. While the bank has not yet revealed the timeline for this foray, the bank is yet to inform the regulators and exchanges which means that the plan is in likely to be in its initial stages.
The bank is planning to open 66 branches across the country on its foundation day on Tuesday. 3 of these branches will be in Mumbai taking the total count of Federal Bank branches in Mumbai to 33. The bank has 100 branches in Maharashtra. As of March 31, 2011, the bank has 734 branches and 803 ATMs in India.
The bank is offering a special term deposit which offers 7.5% interest on a 66-day deposit. The offer will be open for deposits opened during the one month period starting October 18, 2011.
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