UTI Mutual Fund (UTI MF) and Karur Vysya Bank (KVB) have entered into strategic tie-up for distribution of UTI MF schemes. Under the agreement, Karur Vysya Bank will offer the entire bouquet of UTI MF's schemes through its 337 branches spread across 14 States and 3 Union Territories.
On the Occasion, Mr. Jaideep Bhattacharya, Chief Marketing Officer, UTI Asset Management Company Limited said, “With this tie-up, customers of Karur Vysya Bank will be able to invest in the various schemes of UTI Mutual Fund at the bank branches where they do their banking transactions. Karur Vysya Bank has a dominant presence in the Southern states where there is a good potential for mutual fund products.”
Mr. P.T. Kuppuswamy, MD & CEO, Karur Vysya Bank said, “KVB has been taking steps to ensure that the bank is a financial supermarket where the customers can get the entire range of financial products under one roof. KVB has arrangements with leading companies to distribute general insurance, life insurance and mutual fund products. KVB is also a depository participant with arrangements for on and off line trading. KVB is also authorized to offer ASBA. “
About UTI Mutual Fund
UTI Mutual Fund is a SEBI registered mutual fund whose Sponsors are State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India.
UTI Mutual Fund has assets under management (average) of Rs.78617.15 crore and investor accounts of 1 crore under its 74 domestic schemes (as of May 31, 2010).
UTI Mutual Fund has a wide distribution network, comprising 144 Financial Centers (UFCs), 340 Chief Representative offices, 109 Chief Agents and over 39000 AMFI certified Financial Advisors and reaches out to its investors through tie-ups with several Banks and Department of Post.
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About Karur Vysya Bank
Karur Vysya Bank, a leading private sector bank, offers the entire range of products and services tailor made to cater to the requirement of all types of customers. Governed by strong fundamentals, the bank has a total business of over Rs. 33000 crore. For the year ended March 31, 2010, the bank posted a net profit of Rs. 336.03 crore and has proposed a dividend of 120%. This is the seventh year in succession that the bank is declaring dividend of over 100%. The net NPA ratio of the bank is 0.23% and the Capital Adequacy Ratio is 14.49%
For additional information please log on to www.kvb.co.in