A recent press release said that the Kerala based Federal Bank has planned to enter into investment banking and equity broking. A senior official from the Kochi based lender told that the bank would make its entry into equity broking business and the bank is also eager to open investment banking services. But the timelines for the proposed venture has been not yet decided.
Federal bank has been recorded as the country’s fourth largest private banker and Kerala’s largest bank with net income of Rs.81,000 crore as of September 30. The net profit of the bank is Rs.146 crore in the first quarter of this fiscal while its net profit margin was 3.85 per cent.
At the same time as a part of its 66th Foundation Day Celebrations the bank proposed to open 66 branches across the country with three branches in Mumbai. With this proposal of three more branches in Mumbai alone the bank network would touch 100 branches in the state, out of which 33 branches would be in the city alone.
Besides, branch opening the bank has decided to launch a special deposit scheme in which the bank would offer 50 basis points more to 7.5 per cent on a 66 day term deposit during the one month period beginning from October 18.
Federal Bank Limited is a major Indian commercial bank in the private sector, headquartered at Aluva, Kerala. It offers home loan, personal loan, mortgage loan, car loans, Aashray Scheme, Equity Subscription, Prathyasha Loan, Ashwas Gold Loan etc.