AB signs MoU with Kotak Mahindra to sell MF products

Hyderabad, Sep 19 (UNI) Andhra Bank today entered into a tie-up with Kotak Mahindra Asset Management Company to broadbase cross-selling of Kotak's mutual fund products.

Addressing the gathering after signing the Memorandum of Understanding with Andhra Bank here, Kotak Mutual Fund Chief Executive Officer Sandesh Kirkire said company, which started its operations in December 1998, had over ten lakh investors in various schemes.

He said India had a very good regulatory framework and the country was growing at a fast pace.His company would guide those desirous of investing in mutual funds for better returns.

Stating Kotak Mutual Fund provided investors with smart financial products, he hoped Andhra Bank would market their products easily and get mutually benefitted.

The company currently managed assets in excess of Rs 19,799 crore contributed by over 10.24 lakh investors as on August 31, 2008.

Andhra Bank Executive Director Anil Girotra said apart from Kotak, the bank had already tied up with six mutual fund companies.

Stating the bank had earned an income of Rs five crore towards commission from sale of mutual fund products, he said.

The bank had a strong network of 1,386 branches spread over 22 States and two Union Territories and all of them had good potential to promote the mutual fund products.

He said the bank had trained marketing teams to promote the products of these fund houses apart from other banking products.

Maintaining regulators like RBI and SEBI were very pragmatic and conducive, he said there was no problem for Indian economy because of good regulatory measures in the country despite some problems in global economy.

UNI BR VA 1747