Wealth Management, Investment Advisory Services of JKBFSL Rolled out in 100 Branches of JK Bank

Srinagar: Chairman and CEO J&K Bank Parvez Ahmed who is also the Chairman of the Board of Directors of the JKB Financial Services Limited a wholly owned subsidiary of J&K Bank set by the Bank to provide Wealth Management & Investment Advisory services to the people of the state in general and customers in particular, rolled out the services of JKBFSL from 100 Business Units of the bank in all the districts of the state in presence of Bank’s Executive Presidents P K Tickoo and R K Chhibber, President Sunil Gupta and Managing Director JKBFSL Manzoor Hussain. The Chief Financial Officer (CFO) JKBFSL Pankaj Gour, Company Secretary Zafar Hameed and Territorial Heads of the Bank’s subsidiary were also present on the occasion. The roll out was announced after completion of induction training programme of the 148 candidates which concluded today at Jammu and Srinagar after an interactive session by the Chairman and CEO J&K Bank with the newly recruited specialist officers of JKB Financial Services Limited (JKBFSL) at the Bank’s Corporate Headquarters Srinagar and Zonal Office Building Jammu respectively.

Congratulating the executives of JKBFSL who he described as a meritorious talent pool recruited in a fair and transparent manner, the Chairman J&K Bank advised them to take “utmost care” of the Brand J&K Bank, which, he said, has emotional equity of the people of J&K State invested in it besides being the most recognized brand in the state and beyond. He said “The strength of JKBFSL lies in the Brand J&K Bank. The bank deals with 90 percent population of the state in terms of providing banking and financial services and touches almost every section of society through its banking services and wide spectrum of activities beyond banking under Corporate Social Responsibility (CSR) initiatives. It is, therefore, imperative to maintain the brand image of the bank through professionalism with a strong human touch”, he asserted. Adding further, that it was vital to uphold the trust reposed by the people in the state’s premier financial institution.

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Delineating the vision of the Bank for JKBFSL, the Chairman and CEO J&K Bank, who in his earlier capacity was Instrumental in steering the maiden public issue of the Bank besides setting up the subsidiary for providing depository and share trading services to provide an exit route for the investors from J&K state and has been keenly reviving the operations of the subsidiary, said, “The aim and objective is to convert our business units into one stop-shop for Financial services including distribution of Wealth Management, Protection and Investment products. We have recently prepared an aggressive business plan for the JKBFSL and recruited bright talented experienced / fresh executives who have been in the first phase placed with our 100 major business units and ensure their integration with our business model and customers in a zero friction manner so that our customers get a unique blend of personalized service of JK Bank and professional investment products from a bouquet of choices available with JKBFSL”.

The Chairman J&K Bank added “There is a lot of synergy between the bank and its subsidiary with this symbiotic relationship to add value to our services being delivered to the customers and public of our state as their financial lives are interwoven with our bank.” He assured the newly inducted executives of JKBFSL a very bright future in the backdrop of strong business model of JKBFSL backed with a robust support from the parent brand JK Bank. The Chairman optimistically envisioned the unlocking of the value in the company by listing in near future after stabilization and strengthening of revenue streams.

Earlier while speaking during the interaction Executive President P K Tikoo conveyed that the bank had contributed initial capital of twenty crores in addition to the immeasurable Brand Equity that J&K bank has earned throughout its journey. He impressed upon the recruits to uphold the value that J&K Bank has in the eyes of its stakeholders by providing the best-in-class customer service.

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Executive President R K Chhibber said that to begin with JKBFSL would operate from 100 touch points and going by the business plans, all the business units would be operating points for JKBFSL by April 2020. He expressed his wish to meet again at the venue to felicitate the best achievers on the same lines as that of super achievers of J&K Bank business. Sunil Gupta President JK Bank shared his experience while setting up the operations of the JKBFSL at its initial stages with minimal resources but huge support by the present Chairman in his earlier capacity. He lauded the vision of the Chairman in fast tracking the revival of the subsidiary through his professional wisdom.

Speaking on the occasion, Managing Director JKBFSL, Manzoor Hussain expressed his elation at the confidence and exuberance exuded by the recruits and hailed the Chairman for his prudent vision, knowledge and out-of-the-box thinking. The proceedings of the interaction and roll out were conducted by Avnish Gulati Consultant for JKBFSL.

The new employees who underwent rigorous training & certifications conducted by various professional institutions & personnel like National Stock Exchange, soft skill trainers, financial consultants, & functional experts managing Compliance, Risk Management, & Dealing departments at JKBFSL expressed contentment at the conduct of month long induction training by JKBFSL to groom the skill sets, the recruits pledged to take the subsidiary and the parent organization to new heights of success.

Notably the following services have been rolled out w.e.f. 1st May 2019 through Investment Relationship Desks in 100 business Units of the Bank DEMAT and Equity Broking,Equity Derivative Trading, Investment in Mutual Funds, Investment in IPOs, Soliciting the insurance business from existing/new customers, Account opening, investment, and servicing requests for products mentioned above. (KNS)