Yes Bank, India Infoline to offer banking, brokerage services

Private sector lender Yes Bank and equity broker India Infoline (IIFL), today entered into a strategic alliance to offer premium brokerage services to the customers of Yes bank and a superior proposition of savings account for IIFL customers.

Yes Bank customers will now have multiple options for trading in equity shares, online or off-line, on National Stock Exchange or Bombay Stock Exchange, in the cash segment as well as in derivatives segments on a single platform. IIFL’s research and advisory services will help Yes Bank customers take informed investment decisions from the partnership.

The bank said that the technology platforms of Yes Bank and India Infoline will be integrated to offer the customers a seamless trading experience.

The offering will be a three-in-one account where the bank account and depository account will be with Yes Bank while the broking account will be with India Infoline. The customers will be able to transfer funds from their Yes bank account for investments into capital markets.

‘’With the launch of broking services we will be able to provide our customers a superior trading experience with seamless integration of state-of-the-art technology,” said Suresh Sethi, Group President - Transaction Banking, Yes Bank.

Speaking to the media Nirmal Jain, Chairman, India Infoline said, “The clients will have access to our state-of-the-art trading platform, the Trader Terminal, which offers a host of features such as advanced technical tools, access to our award-winning research and seamless funds transfer facilities as well. At the same time IIFL customers will have access to Yes Bank account with cutting edge features for leveraging financial efficiencies, many of which are industry firsts.

At BSE, the shares of the bank was trading at Rs 258 down 2.42 per cent while shares of India Infoline were trading at Rs 136.60 up 0.70 per cent from its previous close at 4:00 pm.