With Enam buy, Axis bank forays into retail broking

The country’s third-largest private sector bank Axis Bank on Wednesday forayed into retail broking business with the launch of its online trading platform AxisDirect. HT reports.

The country’s third-largest private sector bank Axis Bank on Wednesday forayed into retail broking business with the launch of its online trading platform AxisDirect.

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The move comes a month after the bank announced its entry into the investment banking space with the acquisition of Enam’s investment banking and retail equity business. AxisDirect is a product of Axis Securities and Sales, a wholly-owned subsidiary of Axis Bank.

“We are very excited about this new initiative. We have tried to design and develop unique functionalities and make it easier for the customers to invest in markets using AxisDirect,” Shikha Sharma, managing director & CEO, Axis Bank. The bank recorded over 15 million customers as of November 2010.

Two other leading private sector banks — ICICI Bank and HDFC Bank — already have their online portals.