Tamil Nadu-based private sector Karur Vysya Bank (KVB) today entered into a Memorandum of Understanding (MoU) with Unit Trust of India (UTI) for distributing the investement company's mutual fund products.
The MoU was signed between KVB General Manager (Planning and Development) K V Rao and UTI Asset Management Company Vice-President M Shankar in neighbouring Karur, a bank release said.
KVB has been taking efforts to provide a wide range of financial services under one roof and is already marketing the mutual fund products of six other leading MFs -- SBI MF, Reliance MF, Sundaram BNP Parbas MF, Birla Sunlife MF, Franklin Templeton MF and LIC MF.
Considering the popularity of UTI, a pioneer in the mutual fund industry, KVB has entered into this arrangement with them to market UTI’s products as well, the release added.