Chennai, Nov 13: ICICI Prudential AMC has entered into a strategic partnership with New India Cooperative Bank for distribution of its mutual fund schemes.
New India Cooperative Bank would distribute ICICI Prudential Mutual Fund products to its customers through its 20 branches across districts of Mumbai, Thane and Surat, a company release said here today.
"This new engagement with New India Cooperative Bank known as the "Common Man's Bank" will help us in strengthening our distribution base and thus facilitate in reaching a wider customer base across all sections of society," ICICI Prudential Managing Director and CEO Nimesh Shah said.
Commenting on the alliance, New India Cooperative Bank Managing Director D R Shirodkar said "this arrangement will enable ICICI Prudential AMC to make available its financial products to our clients." This alliance between ICICI Prudential and New India Cooperative Bank would help further expand the markets for mutual funds and make them more accessible for retail investors so as to ensure their participation in the growth story of India, the release added.