Choice International recently acquired Bank Bazaarʼs Mutual Fund business? How do you see synergies working in this space?
Yes, itʼs part of our inorganic growth strategy. You see, the entire distribution business is turning towards volume play because of wafer-thin margins, brokerage fee cap etc many entrants are reconsidering their decisions. We have the highest rated Mutual Fund investment platform, Investica and Bank Bazaarʼs MF business was in perfect synergy.
Investica, has the entire ecosystem in place with platform flexible to take on any new addition in clients. Bank Bazarʼs MF clients are already used to the proprietary research methodology provided by them which they will be able to continue with Investica. They will have access to our research tools for Direct or Regular MF investing and since we are a Fintech, scaling up is relatively easy for us.
We as a platform are very happy to have added these investors to our platform and are looking forward to serving them to the best of our capacity