The Hindu Business Line : UTI Bank, Geojit tie up for trading platform in Qatar

GEOJIT Securities has tied up with Doha Bank and would provide a safe and seamless trading platform for the 2.5 lakh NRIs in Qatar to trade in Indian capital markets from the end of February 2004. UTI Bank would be the Indian banking partner behind this new project.

"This will be the first such venture by an Indian company in Qatar and Doha Bank became an ideal partner because it is the second largest bank in Qatar and is already a member of the Doha Securities Market. They have also been trading in the American securities market for the past couple of years, through a similar tie-up with a US broking firm," Mr C.J. George, Managing Director of Geojit Securities told Business Line.

Doha Bank generates a volume of couple of million dollars per day through their trade with the American capital markets. The new tie up is looking at high net worth NRIs and plans to build up a customer base of around 1000 NRIs during the first year of operations.

The services on offer would not only include trading in Indian securities, but would also extend to depository services, Indian mutual fund products and international mutual fund products. Geojit is extending back office support for the new venture and is also offering training facilities on Indian capital markets to the foreign partner.

Geojit has already made a foray into the Gulf market. It has established offices in Dubai and Abu Dhabi through a joint venture partnership, Barjeel Geojit Securities Ltd. Our experience with other Gulf markets would stand us in good stead in this new venture as well, Mr George said.

Senior officials of Doha Bank, Geojit Securities Ltd and UTI Bank are expected to inaugurate the new venture in Doha towards the end of February.