Investnet is now DBFS

The strategic tie-up between Doha Bank and Investnet, a Kochi-based brokerage house, will now be known as Doha Brokerage and Financial Services (DBFS). Qatar-based Doha Bank had picked up 49 per cent equity in Investnet in May 2007.

The annual general meeting (AGM) of Investnet on Friday approved the transfer of 49 per cent stake to Doha Bank and the new name. R Seetharaman, chief executive of Doha Bank, will act as the chairman of the new venture and Prince George, managing director of Investnet, will continue with the post.

Doha Bank will also nominate two more directors "" Ganeshan Radhakrishnan and KV Samuel "" on to the board shortly. The AGM also approved the proposal to hike the authorised share capital of the company.

Announcing the new name of the company, Seetharaman said here that his bank was seeing India as an emerging super power and perceived financial services as the most emerging business zone.

The new brand name will be formally released in December. After enhancement of the capital base of the company, Doha Bank would hold 80 per cent of the capital, he said.

Prince George said the group was looking for an ambitious expansion both in and outside India. The new company will venture into various segments like NBFC operations, asset management and other related services.

The company already has offices in Dubai in UAE and Doha in Qatar. It will establish and consolidate a series of networks along with Doha Bank in West Asia.

DBFS will soon enter into complementary business services to provide one-stop solutions for all investment and financial needs. The subsidiary companies in the group will launch dedicated funds and schemes designed to suit the requirement of NRIs.

The group also plans to start a subsidiary to focus on real estate-related services. Seetharaman said the group would evolve a business model using its expertise in India and West Asia to cater to the various needs of its client base.

The company will soon chalk out an expansion plan for NRI clients in the Gulf Cooperation Council (GCC) countries.