Retail brokerage firm IL&FS Investsmart was On Thursday renamed as HSBC InvestDirect to align it with the HSBC brand following its takeover by the foreign lender last year.

HSBC had acquired 93.86 per cent stake in IL&FS Investsmart in September 2008, and has recently initiated the process to delist the company from stock exchanges.

Also Read   Related Stories News Now - Never borrow to buy stocks; go by fundamentals, not price - Post IPO, UBI to set up housing finance unit - Interest rates likely to move up this year: Kidwai - Coal India hopes to raise Rs 6,000 cr from stake sale - PTC Fin may raise Rs 1.5k cr through IPO by FY11-end - India 6th most active nation in global IPO space

Also Read   Related Stories News Now - Markets end on a strong note - Ahmedabad SE plans revival, will sell land to raise net worth - FinMin to hold roadshows in 5 Gulf countries to attract QFIs - Sundaram Finance reports 38% jump in net profit in FY12 - Trent Q4 net profit up at Rs 19.52 cr More

“The HSBC InvestDirect brand is our global retail broking brand and is present in five countries. The acquisition of HSBC InvestDirect has offered our banking customers an option to avail themselves of retail broking services. It has also provided us with an enhanced reach to offer our wealth management products such as mutual funds and insurance though it’s over 200 outlets,” said Naina Lal Kidwai, group general manager and country head, HSBC India.

HSBC InvestDirect also has a non-banking finance arm, which lends to customers in the capital market space. The NBFC incurred a loss of Rs 20 crore in the June 2009 quarter, compared to a profit of Rs 1 crore in the corresponding quarter last year.

When HSBC acquired IL&FS Investsmart, the size of the NBFC’s loan-book was Rs 2,000 crore, which was subsequently reduced to about Rs 500 crore at present. According to Manasije Mishra, managing director and chief executive officer, HSBC InvestDirect, the shrinkage in assets was on account of the fall in initial public offer (IPO) financing, margin trade funding and promoter funding in the last financial year in line with reduced capital market activity.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Markets end on a strong note - Ahmedabad SE plans revival, will sell land to raise net worth - FinMin to hold roadshows in 5 Gulf countries to attract QFIs - Sundaram Finance reports 38% jump in net profit in FY12 - Trent Q4 net profit up at Rs 19.52 cr

Tags : Retail brokerage firm IL&FS Investsmart | HSBC InvestDirect | Naina Lal Kidwai | IPO   Read Business news in  Advertisements -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  Journey on, We are by Your Side. Click here to know more -  Help a Child Achieve her. Click to know more -  2 Lac Apartments, 1 Lac House / Plots. Click here -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  Watch The Film Here. Click here to know more.. -  Leader in Passenger Car & Automobile Tyres. Click here -  1 billion in saving for Unilever without any tangles. -  A Brand New Server at a Price That Fits Your Budget. Click here -  Learn How One City is Running on FOOD SCRAPS. -  One Partnership Endless Possibilities. Click here to know more -  Helping doctors detect diseases earlier, saving costs & extending lives. -  36 Lakhs can get you a pool of Luxuries. Click here -  Which is the best plan for your daughter -  Check out the TRUE COLOURS of your Stocks, Now for FREE! -  One of the leading business schools in the world.Know More