An MOU was signed between Birla Sun Life Mutual Fund and Oriental Bank of Commerce for a strategic alliance to distribute and market Mutual Fund products through branches of Oriental Bank of Commerce.
Speaking on the occasion, Mr. A. C. Hari, General Manager, Oriental Bank of Commerce said that the Bank is committed to become a financial super market providing diverse financial products under one roof to the customers. For Oriental Bank of Commerce, it will be one more product to offer to its clients and thus meet customers’ investment needs in a growing financial market. Birla Sun Life Mutual Fund will be benefitted by Oriental Bank’s 1520 branches, across the country and thus reach across to pockets where they have no representatives. For varied investors needs, Oriental Bank Branches will be able to provide a bouquet of products, offered by different mutual fund companies, suited to cater different segments of investors’ community.
Mr. Navin Tewari, Co Head-Sales, represented Birla Sun Life Mutual Fund on the occasion.
One of the leading fund house in India, Birla Sun Life Mutual Fund offers innovative investment solutions across asset classes which have been well recognized for their performance. The extensive branch network of the Oriental Bank of Commerce will complement the reach of the fund house and will help it deliver great value to the investors.
The occasion was also attended by the Senior Executives from both Birla Sun Life Mutual Fund and Oriental Bank of Commerce.
About Oriental Bank of Commerce
Oriental Bank of Commerce, one of the leading Public Sector Banks, headquartered in New Delhi, has currently total business of more than Rs.2,00,000 Crore. The Bank has a branch network of 1520 Branches, 47 Extension Counters and 1008 ATMs all over India.
The Business-Mix of the Bank has increased to Rs.2,04,442 crore as on 31.03.2010 from Rs.1,67,434 crore as on 31.03.2009, registering a growth of 22.10 % (YOY). Aggregate Deposits grew by 22.25% (YOY) to Rs.1,20,258 crore as on 31.03.2010 from Rs. Rs.98,369 crore as on 31.03.2009, while Gross Advances showed a growth of 21.89% (YOY) to Rs. 84,184 crore as on 31.03.2010 from Rs.69,065 crore on 31.03.2009.The Bank has declared a Net Profit of Rs.1134.68 crore for the financial year ending 31.03.2010 registering YOY growth of 25.32%.
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The Bank has leveraged its IT capability of 100% computerization on Core Banking Solution platform offering an array of IT based products viz., Mobile Banking, Internet Banking, Electronic Remittance facilities through RTGS/NEFT, Online Education Loan, E-Shoppe, e-taxes, Online Trading of shares, SMS alerts, Proton debit cards, Cash mate cards for students, Ready Kits and Mobile Banking. The Bank has a total ATM Card base of 18.43 lac and about 70% of the eligible cash transactions are happening through ATMs. The Bank is offering International ATM cum Debit Card which is acceptable across large number of ATMs and POS Terminals across the globe. Bank has recently launched Mobile Banking facilities for its customers that would provide facility such as Balance enquiry, Account statement, Intra Bank Fund Transfer, Inter Bank Fund Transfer etc.
Bank has also obtained ISO-27001 Certification for both its Data Centers at Delhi & Mumbai which conveys adoption of Global Standards by the Bank.
- The major thrust in the current year shall be on the advances to Mid Corporate SME, Housing, Retail lending and Agriculture to facilitate credit to the farmers and agriculturists.
- During the last financial year, 93 Branches were opened and 135 ATMs were installed. Bank proposes to open 175 Branches in the current financial year.
- During last year, Bank has recruited 1290 personnel and it is proposed to recruit 1600 more personnel (including 373 Specialist Officers) during the current year.
About Birla Sun Life Asset Management Company
Established in 1994, Birla Sun Life Asset Management Company (BSLAMC) is a joint venture between Aditya Birla Group, a well known Indian conglomerate and Sun Life Financial Inc, leading international financial services organization from Canada.
BSLAMC is the 5th largest asset management company in India with an average asset under management of Rs 69,508 crores as on April 30, 2010. An impressive mix of reach through 106 branches, full range of product offerings across equity, debt, balanced & structured asset classes and strong investment performance has helped the Company garner over 2.4 Million investor scheme accounts. Known for its consistent performance, BSLAMC has received recognition from various institutes of international repute like the CRISIL, Lipper, Asian investor Magazine and The Asset Magazine- Hong Kong.
About Aditya Birla Financial Services Group (ABFSG):
The Aditya Birla Financial Services Group (ABFSG) has a significant presence across various verticals, including life insurance, insurance broking, mutual funds, private equity, security based lending, factoring, insurance advisory services, retail broking and distribution of third party products.
The seven companies representing Aditya Birla Financial Services Group are Birla Sun Life Insurance Company, Birla Sun Life Asset Management Company, Aditya Birla Money (erstwhile Apollo Sindhoori Capital Investments), Aditya Birla Money Mart (erstwhile Birla Sun Life Distribution Company), Aditya Birla Finance (erstwhile Birla Global Finance Company), Birla Insurance Advisory & Broking Services and Aditya Birla Capital Advisors.
The ABFSG is committed to being a leader and role model in a broad based and integrated financial services business. Its 7 business lines, with over 4.2 million customers manages assets over USD 16 billion and prides itself for having a talent pool of over 15,000 committed employees. ABFSG has its wings spread across more than 500 cities in India through over 1600 branches and over 2 lac channel partners. This pretty much allows ABFSG to offer its customers virtually anything other than a savings or current account. With over a billion dollar revenue, ABFSG is a significant non bank player and one of the few players who have a top 5 position in both life insurance and mutual funds.
ABFSG is a part of Aditya Birla Nuvo Limited (ABNL), a USD 3 billion conglomerate having leadership position across its manufacturing as well as services sector businesses. ABNL is a part of the Aditya Birla Group, a USD 29 billion Indian business house operating in 25 countries across the globe.
About Sun Life Financial Inc
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide. As of March 31, 2009, the Sun Life Financial group of companies had total assets under management of $375 billion globally.