Bank of Baroda enters into tie-up arrangement with SBI Mutual Fund for sales, distribution of mutual fund products
As a part of agreement Bank of Baroda will distribute SBI Mutual Fund’s products through its 5400 plus branches.
SBI Mutual Fund is one of the reputed Mutual Fund houses and has some respectable performing schemes.
Bank of Baroda will offer these products to the existing customer base of 73 million plus to earn fee-based income.
Speaking on the arrangement, Ashok Kumar Garg, Executive Director, Bank of Baroda said, “When Mutual Fund industry is growing at the blistering pace, and interest rates are tapering down, investors are finding returns from market very attractive. By offering Mutual Fund products, we intend to serve our customers who have risk appetite for the market-oriented investment opportunities. Bank of Baroda is revamping Wealth Management segment and implementing overhauling changes to create robust Sales & Distribution model for investment products. We will see more happenings in this space. Bank of Baroda has recently developed ‘Baroda m-Invest’ a mobile based investment App for investment in Mutual Fund products by leveraging technology.”
Rakesh Bhatia, General Manager, Marketing, Corporate Communication & WMS too added, “Bank of Baroda is emerging as a prominent player in Sales & Distribution of Mutual Fund products. We are increasing AMFI Certified Officers strength and deploying them at potential business branches for distribution of Mutual Fund products. We are going to see healthy growth in the years to come as structural changes will yield results over a period of time. Our initiatives will benefit to the customers as we will be able to meet their overall financial requirements under one roof.”
On this occasion, D.P.Singh, Executive Director & CMO, SBI Mutual Fund said ‘’ We are extremely pleased to have tied up with one of the largest banks in the country. Our aim is to reach out to a large number of Bank of Baroda customers who are looking forward to products and solutions to meet their financial goals.’’ He also added ‘ Our expertise in fund management for the last 30 years as well as a large distribution network of public sector banks will come in handy in serving customers of the bank across the globe’’
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