HSBC InvestDirect to strengthen retail broking business

HSBC InvestDirect will focus on technology upgrade and manpower to strengthen its new retail broking business. “We hope to break even soon, as we are in the middle of a large business transformation. Technology is one of the areas where we plan to invest to make it robust and secure. We are working on training the staff and improving the look and feel of our branches,” said Manasije Mishra, Managing Director and CEO, HSBC InvestDirect, here today. The HSBC group had acquired a 93.8 per cent stake in IL&FS Investsmart in September last year. It has initiated the process of de-listing from the stock exchanges.

“The second half of last year was a difficult period to run a broking company, both retail and institutional business was affected,” Mishra said. The company had bad debts close to Rs 36 crore for the quarter ended June 30, 2009, he said. Retail broking accounts for almost 90 per cent of the company’s total turnover.