Kotak Mahindra mutual fund enters into a distribution tie-up with Central Bank of India

Written by Businesswire India | Mumbai | Updated: Dec 30 2008, 16:15pm hrs
Kotak Mahindra Asset Management Company, one of Indias leading mutual fund houses, 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 banks branches. Sandesh Kirkire, Chief Executive Officer, Kotak Mahindra AMC and Mr.G.P. Chitnis, General Manager, Central Bank of India signed the MOU.

On the occasion, Sandesh Kirkire, Chief Executive Officer, 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.

Speaking on the occasion, Mr.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. Banks present Business is about Rs.197000 crore and it will cross Rs.2 lac crore shortly.

He said that the Bank held a very prominent position amongst the Public Sector Banks. It has a network of more than 3416 Branches, 230 Extension Counters and 400 ATMs. It has brought 1180 Branches under Core Banking Platform and all other Branches are computerized.

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 Banks fee-based income. The Bank will distribute all the products of Kotak Mahindra AMC through its selected Branches.