Dhanlaxmi Bank buys stake in Destimoney Securities

Dhanlaxmi Bank will acquire a 15 per cent stake in Destimoney Securities for Rs 13 crore to increase the private lender's product offerings to customers by way of providing them online broking services.

Dhanlaxmi Bank will acquire a 15 per cent stake in Destimoney Securities for Rs 13 crore to increase the private lender’s product offerings to customers by way of providing them online broking services.

“We will acquire a 15 per cent stake in Destimoney Securities to provide online broking,a new initiative from our side,” the bank’s Chief Financial Officer (CFO),Bipin Kabra,said here today.

Destimoney Securities is a 100 per cent subsidiary of Destimoney Enterprises,a financial services provider and advisory company owned and controlled by PE firm New Silk Route.

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The total cost of this stake will be around Rs 13 crore,Kabra said,adding “our retail customers can benefit from Destimoney Securities’ online capital market services.

The synergy with Destimoney is expected to increase our overall CASA (current account,savings account) deposits.”

The bank will also announce its foray into the asset management services business “in a month or so”,Kabra said.

Dhanlaxmi Bank is close to signing a deal with a partner,and though the Kerala-based private lender will hold a “substantial” stake in the venture,it will not have a majority stake. “There will be a third partner who will be a financial partner,” he said,without disclosing any further details.

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