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Tuesday, December 30, 2008

Kotak Mahindra MF ties up with Central Bank of India

Bank will offer the entire bouquet of fund's products

Kotak Mahindra Asset Management Company entered into a distribution tie-up with Central Bank of India. Under the agreement Central Bank of India will offer the entire bouquet of Kotak Mutual Fund products from the bank's branches. Sandesh Kirkire, Chief Executive Officer, Kotak Mahindra AMC and G.P. Chitnis, General Manager, Central Bank of India signed the Memorandum Of Understanding.

Kotak Mahindra Asset Management Company said, “The banking channel is one of the best platforms to reach out to retail investors. Offering advice on mutual fund investments is an extension of the value added services that are offered by banks. As experts in the field of wealth creation in India, our tie up with Central Bank of India will reinforce our commitment to expand retail participation. With this tie-up, customers will gain easy access to the various schemes of Kotak Mahindra AMC at the branches where they do their banking transactions.”

G.P. Chitnis, General Manager, Central Bank of India, said “Central Bank of India was established in 1911 by Sir Sorabjee Pochkhanawala as a first Swadeshi Bank of the country. Over the past 98 years it has spread throughout the country and has established itself as a most popular Brand name. Bank's present Business is about Rs.1.97 lakh crore and it will cross Rs.2 lakh crore shortly''.

Mr. Chitnis added "In the Indian financial markets, Mutual Funds have established themselves and gained popularity amongst the retail investors. For us, this tie up will open up further opportunities to provide our vast client base with a wider choice of products to meet their diverse financial needs. It will also give a boost to Bank's fee-based income. The Bank will distribute all the products of Kotak Mahindra AMC through its selected Branches''.

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