State-owned Indian Overseas Bank (IOB) has partnered with SMC Global Securities (SMC Global), a leading brokerage firm, to bring online trading services to its customers. This collaboration allows IOB account holders to engage in trading activities seamlessly through the platform www.smctradeonline.com.
The partnership is set to enhance the bank’s offerings by providing its customers with additional financial services. “This alliance will enable us to deliver more value to our account holders, boost float income, and create a new revenue stream for the bank,” remarked Anurag Shankar, General Manager of IOB. The move reflects the bank’s strategy to diversify its portfolio and cater to the growing financial needs of its clientele.
For SMC Global, this tie-up marks a significant step toward expanding its reach, particularly in southern India. “This collaboration will strengthen our foothold in the region and allow us to grow our client base substantially,” stated Ajay Garg, Director of SMC Global. The brokerage firm’s extensive network, spanning over 500 cities, aligns well with IOB’s widespread infrastructure, which includes approximately 3,300 branches. This synergy is expected to facilitate efficient service delivery to customers across the country.
The initiative combines IOB’s robust banking presence with SMC Global’s expertise in the securities market, promising a mutually beneficial arrangement. Customers now have the opportunity to explore trading options directly through a trusted platform, leveraging the strengths of both institutions.
