Press Release Summary: Investnet will be rebranded as DBFS. CEO Doha BANK speaks on Global Warming
Press Release Body: The strategic tie-up between Doha Bank of Qatar and the Cochin based brokerage Investnet, is entering an active phase. The Bank has taken equity stake in Select Securities Ltd., the holding company for Select group of companies, which owns the brokerage network under the brand name Investnet. The strategic tie-up was formally announced at a ceremonious meeting held at Kochi during May, 2007.
"Ours being a highly regulated industry, the investment proposal has to undergo several rounds of approvals from various authorities," says Mr. Prince George, CEO of Selectgroup. As most of the approvals are in place, we are in a position to go ahead with the strategic tie-up now. "This is our first investment in India. We see India as an emerging economic super-power. Particularly, we perceive financial services as the 'hottest growth zone'. We are enthusiastic about the strategic tie-up moving forward and entering a very lively phase now", says Mr. R. Seetharaman, CEO of Doha.
The name of the holding Company Select Securities Ltd. will be changed to "Doha Brokerage & Financial Services". The Annual General Meeting held today at Cochin approved the name change. The members attending the AGM also approved the appointment of Mr. R Seetharaman as a Director on the Board of the Company. Mr. Seetharaman will act as the Chairman of the Company and Mr. Prince George will be the Managing Director. Doha Bank will also be nominating two directors Mr. Ganeshan Ramakrishnana and Mr. K V Samuel into the Board of the Company shortly. The Annual General Meeting also passed resolutions to increase the authorised capital.
The group will also be rechristened under the new brand name DBFS. Subject to statutory clearances, the new brand name will be formally announced in a ceremonious event by mid- December. As a part of Doha bank's social responsibility initiative, Mr. R Seetharaman, will be conducting a presentation on "Global Warming and Climatic Changes - perspective on corporate and social responsibility" on Saturday, 17th November 2007 at "Oman hall", Le-Meredien, Maradu Kochi. This presentation already done at prestigious international forums has evoked tremendous response.
Future Plans The group with the strategic partner is looking for an ambitious expansion within and outside India. The group is venturing into various new segments like NBFC activities, Asset Management and other related services. The group has already established offices in Dubai, UAE and Doha, Qatar. The Company will now be establishing and consolidating a series of networks along with DOHA bank in the Middle East for the benefit of non-resident Indians. DBFS will soon enter into complimentary business services with a view to provide one-stop solutions for all the investment and financial needs. Subsidiary companies in the group will launch dedicated funds and schemes designed to suit the requirements of NRI's. The group also plans to start a subsidiary to focus on the real estate related activities. Doha Bank and Investnet share a very optimistic view on the growth opportunities in India. Brand DBFS is uniquely positioned to act as an intermediately in contributing to the growth of the Indian economy with their steady business model using their relationships both in India and Middle East Doha Bank Incorporated in Doha in 1978, Doha Bank is the largest private commercial bank in Qatar. With Standard and Poor rating of "A/A2", it has wide net work of branches across Middle East and outside and it operates in 6 countries. Doha Bank is a leading private bank based in Qatar having a dominant position in Qatar banking sector for more than 28 years. The bank projects itself as a dynamic modern bank with enduring age-old values. It has been consistently bagging various awards and accolades since 2003. Doha Bank has been adjudged "Bank of the year for Qatar for 2006", by The Banker, Financial Times, London and \'Best Commercial Bank in Middle East - 2007" by the Banker Middle East Magazine, apart from the "Best Bank in the Middle East - 2006" and "Best Commercial Bank in Middle East - 2005" from Banker Middle East, "Best Bank in Qatar - 2005" from Euro-money and The Banker Financial Times award as "Banker of the Year for Qatar" for 2003 and 2004. Investnet Promoted in the year 1992 as the first corporate member of Cochin Stock Exchange, Selectgroup is one of the leading brokerages from South India. The subsidiaries and associate companies of the group have memberships in NSE and BSE for cash and derivative segments. It has membership in all premier commodity exchanges in the country, namely, MCX, NMCE and NCDEX. Trading facility is offered through the branches network (offline) and also through internet (online). It is a SEBI registered Portfolio Manager too. The group also offers depository services and markets mutual funds, insurance products and IPO. The wholly owned subsidiary Select Commodities DMCC is a member of the Dubai Gold and Commodity Exchange (DGCX), Dubai.
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