The Hindu : Indian Bank to distribute UTI MF products

Online edition of India's National Newspaper
Thursday, Jan 22, 2004

Business

Business

Indian Bank to distribute UTI MF products

By Our Staff Correspondent

CHENNAI, JAN. 21. UTI Mutual Fund and Indian Bank have entered into a strategic tie-up for distributing the former's products. Under the tie-up, Indian Bank will offer the entire bouquet of UTI MF products across the bank's select branches. This initiative reflects UTI MF's strategy to rapidly expand and value add its access network to complement the mutual fund's growth strategy in the Indian mutual fund sector.

At present, UTI MF's schemes were being directly marketed through 55 financial centres. UTI MF will be offering its entire range of mutual fund schemes to a wider segment of the investing public in addition to its more than ten million unit holding accounts.

Announcing the tie-up, M. B. N. Rao, Chairman and Managing Director, Indian Bank, said through a strategic alliance with UTI MF, the bank would provide a complete range of financial solutions to investors. This tie-up, in turn, benefited customers of the bank as they got access to the mutual fund's schemes closer to their doorsteps.

The Chairman and Managing Director of UTI MF, M. Damodaran, said, "When we decided to market our products, we first thought of Indian Bank. UTI MF was not only the largest mutual fund in the country, but it was also the fund, which met the requirements of the average consumers." He said the business would likely to grow, with the potential customers of the banks buying the UTI MF. It would come up with new products.

Printer friendly page
Send this article to Friends by E-Mail

Business