Birla Sun Life Distribution is Aditya Birla Money Mart Limited, will use brand name Aditya Birla Money
15th February, 2010
Mumbai: Birla Sun Life Distribution Company Limited, the distribution and wealth management arm of Aditya Birla Financial Services Group (ABFSG) has been renamed Aditya Birla Money Mart Limited. The company had seen a change in shareholding when Aditya Birla Group acquired complete stake from the JV partner Sun Life Financial in March 2009. The acquisition and name change reflects the complete ownership and commitment of Aditya Birla Group towards the business.
Earlier in November 2009, the broking company acquired by the group, Apollo Sindhoori Capital Investments Limited, had announced its name change to Aditya Birla Money Limited.
Both these companies will sell their products and services under the common brand of Aditya Birla Money. Hereafter, the single brand Aditya Birla Money will offer broking, wealth management and distribution of a range of financial products and services, delivered both through an online and off-line trading platform. The Company has a strong, combined distribution network of over 850 own and sub-broker branches, a large customer base in excess of 400,000 and a strong technology backbone.
Mr. Kanwar Vivek, Chief Executive Officer of Aditya Birla Money Mart Limited and Managing Director of Aditya Birla Money Limited, said, "For the customers, we are a single brand, which will cater to all their investment needs, through the best of the financial offerings available in the market and also empower them to make an informed decision through our expertise in the business. The two companies have immense synergies in products and distribution and it makes sense to combine their offerings to simplify the interaction with the customer."
About Aditya Birla Money
Aditya Birla Money is a single brand offering the combined products and services of Aditya Birla Money Limited and Aditya Birla Money Mart Limited (formerly Apollo Sindhoori Capital Investments Limited and Birla Sun Life Distribution Company Limited respectively). Aditya Birla Money Limited is a broking and distribution player offering equity and derivative trading through NSE and BSE and currency derivative on MCX-SX. It is registered as a Depository Participant with both NSDL and CDSL and also provides commodity trading on MCX and NCDEX through its subsidiary company.
Aditya Birla Money will also provide a range of other products from Aditya Birla Money Mart Limited like company deposits, mutual funds, insurance, structured products, alternate investments. A It also has a premier wealth management service arm to cater to HNI customers.
These offerings are delivered through a strong pan-India distribution network of over 850 own and sub-broker branches, a robust online and off-line model with a strong technology backbone to a large customer base in excess of 400,000.
For more information please visit www.adityabirlamoney.com
About Aditya Birla Financial Services Group
Aditya Birla Financial Services Group is a broad-based and integrated player in the financial services space with a strong presence across verticals viz., life insurance, asset management, retail broking, distribution and wealth management, NBFC, insurance broking and advisory services and private equity. ABFSG is rapidly growing in line with its vision to be a leader and role model in the Indian financial services sector.
The seven companies representing Aditya Birla Financial Services Group are Birla Sun Life Insurance Company Limited, Birla Sun Life Asset Management Company Limited, Aditya Birla Money Limited, Aditya Birla Money Mart Limited, Aditya Birla Finance Limited, Birla Insurance Advisory & Broking Services Limited and Aditya Birla Capital Advisors Private Limited.
The consolidated revenues from these businesses crossed USD 1 billion mark in 2008-09. Today ABFSG collectively enjoys trust of over four million customers, manages assets over USD 16 billion and prides itself for having a talent pool of over 15,000 committed employees. ABFSG has its wings spread across more than 500 cities in India through over 1,500 branches and over 2 lakh channel partners.
ABFSG is a part of Aditya Birla Nuvo Limited (ABNL), a USD 3 billion conglomerate having leadership position across its manufacturing as well as services sector businesses. ABNL is a part of the Aditya Birla Group, a USD 29 billion Indian business house operating in 25 countries across the globe.