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LVB to distribute Reliance MF products

By Our Staff Correspondent

CHENNAI, MARCH 19. Lakshmi Vilas Bank has entered into a memorandum of understanding with Reliance Capital Asset Management Ltd., for distributing the latter's mutual fund products.

Addressing a press conference here on Thursday, A. Krishnamoorthy, Chairman and Chief Executive Officer of the bank, said the bank would offer six Reliance MF products initially through 45 select branches.

The products would be launched during the second week of April.

Mr. Krishnamoorthy said LVB was implementing the strategic business unit concept by which fee-based income activities were covered under SBU IV and Corporate Agency arrangements with Aviva Life Insurance and Royal Sundaram for non-life insurance. The bank was also in the process of appointing direct selling agents for marketing its Lakshmi brand of retail credit products such as Lakshmi multi purpose loan for marriage and foreign tour and Lakshmi start up loan.

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