HDFC Mutual Fund, one of the leading Mutual Fund House in India, and Syndicate Bank, one of the oldest and most trusted public sector banks in India, recently announced that they have entered into an alliance to offer the entire bouquet of HDFC Mutual Fund's schemes through the bank’s 2700 plus branches across Pan India.
Mr. M G Sanghvi, CMD, Syndicate Bank said: “It is our privilege to be associated with HDFC AMC to offer their superior mutual fund schemes to our valued customers. The recent past Bank has taken some more initiatives like introducing separate vertical for MSMEs, tying up with Mutual funds and sale of Gold Coins etc., for augmenting fee based income. He noted that this tie-up would go a long way in further strengthening the bond with our valued customers by offering them superior investment options from HDFC AMC.”
Mr. Milind Barve, MD, HDFC Asset Management said: “The MoU with Syndicate Bank will give us an opportunity to tap the customers across the bank’s 2,700 plus network pan India and further strengthen our position in the market. Also this tie-up will give customers of Syndicate Bank an easy access to a wide array of investment products that we offer.”
Mr. Barve also added saying, “With this strategic tie-up between HDFC Mutual Fund and Syndicate Bank, it will give us an opportunity to reach out to the customers in tier II and tier III cities and offer them wide range of products to invest as per their financial needs.”
HDFC Mutual Fund is India’s largest fund house with Average Asset Under Management of Rs. 92,625Crore for the quarter ended 30th June 2012.
About HDFC Asset Management Company Ltd:
HDFC Asset Management Company Limited (AMC) was incorporated under the Companies Act, 1956, on December 10, 1999 & was approved to act as an Asset Management Company for the Mutual Fund by SEBI vide its letter dated July 3, 2000. Following the decision by Zurich Insurance Company (ZIC), the sponsor of Zurich India Mutual Fund, to divest its Asset Management Business in India, HDFC AMC acquired the schemes of Zurich India Mutual Fund effective June 19, 2003
HDFC Mutual Fund is the largest mutual fund and a well-established fund house in the country offering a bouquet of products in equities, fixed income and gold.
About Syndicate Bank:
Syndicate Bank was established in 1925 in Udupi and has been synonymous with the phase of progressive banking in India. Spanning over 87 years of pioneering expertise, the Bank has created for itself a solid customer base of more than 2.8 crore, comprising customers of two or three generations. Being firmly rooted in rural India and understanding the grass root realities, the Bank's perception had vision of future India. It has been propagating innovations in Banking and also has been receptive to new ideas, without however getting uprooted from its distinctive socio-economic and cultural ethos. Its philosophy of growth by mutual sustenance of both the Bank and the people has paid rich dividends.
The Bank has been operating as a catalyst of development across the country with particular reference to the common man at the individual level and in rural/semi urban centers at the area level.
Currently the domestic branch network of Syndicate Bank is 2709 comprising 873 rural, 672 semi-urban, 584 urban, 566 metro & port town branches and 14 Ultra small branches.
The Bank created history by opening 108 branches across the country on a single day. The Bank also has its overseas presence by having a branch in London and managing two exchange houses in Qatar and Sultanate of Oman.
Photo Caption (L-R):
“Kiran M Kaushik, Sr. V. P. Head Sales, HDFC Mutual Fund signing a MoU with P. M. Vasantharajan, G. M. Syndicate Bank for distribution of mutual funds.”
For More Details..!
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