Kotak MF ties up with Uco Bank

Kolkata, June 2 (UNI) Kotak Mahindra Mutual Fund, set up by the Kotak Mahindra Bank Limited, today entered into a distribution tie up with UCO Bank.

Kotak Mutual Fund would be using UCO Bank's 1739 branches in the country and four overseas branches to distribute its products under the new arrangement.

Kotak Mutual Fund's CEO Sandesh Kirkire told reporters that the tie up would help the mutual fund, having a corpus of Rs 13,000 crore, to make its products available to a huge retail base of investors of the Bank.

UCO Bank executive director S Bhatt, who signed the MOU on behalf of the Bank, said the tie up would help the Bank's customers diversify the asset base.

Kotak is the sixth mutual fund company the bank has tied up with for distribution of products. UCO Bank already distributes Life Insurance Corporation of India's products in the life segment and National Insurance Corporation's products in the non-life segment.

Bhatt said the Bank looking at Rs 1,10,000 crore business in the current fiscal is hoping to garner Rs two crore commission income from sale of mutual fund products.

Kirkire said Kotak Mutual Fund is always looking at launching new products and is exploring possibilities of bringing in some pure short term based close ended funds.

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