MUMBAI: today entered into an agreement with to provide its customers demat and trading account facilities with IIFL Securities. Customers of the lender will be able to directly open an account with IIFL Securities under KBL Smart Trade arrangement.
The KBL Smart Trade arrangement will boost user additions at IIFL Securities, which stands to add 10 million of Karnataka Bank’s users on its platform.
“The account holders can access live prices and alerts, research and recommendations of stocks, trading tips, customisable watch lists, etc. This will create a new line of business and revenue opportunities for the bank by leveraging the core competencies of both the organizations,” said Mahabaleshwara M.S, managing director and chief executive officer at Karnataka Bank in a press statement.
IIFL Securities has over a million users and has made a splash in the discount broking arena through its unit 5paisa.
