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IL&FS Investsmart renamed.

Global Banking News-14 August 2009-IL&FS Investsmart renamed(C)2009 ENPublishing -

Global Banking News - 14 August 2009(c)2005 - Electronic News Publishing -

India-based retail brokerage firm IL&FS Investsmart has been renamed by its owner, HSBC Holdings (LSE: HSBA).

The company was on Thursday renamed as HSBC InvestDirect. It was taken over by HSBC Holdings last year. The banking firm acquired a 93.86 per cent stake in IL&FS Investsmart in September 2008, and has recently started measures to delist the company from stock exchanges. HSBC InvestDirect has 1,603 employees and over 200 outlets.

Naina Lal Kidwai, group general manager and country head, HSBC India, said, 'The HSBC InvestDirect brand is our global retail broking brand and is present in five countries. The acquisition of HSBC InvestDirect has offered our banking customers an option to avail themselves of retail broking services. It has also provided us with an enhanced reach to offer our wealth management products such as mutual funds and insurance though it's over 200 outlets.'

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Publication:Global Banking News (GBN)
Date:Aug 14, 2009
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