Our Regional Bureau / Chennai/ Kochi June 27, 2006
The South Indian Bank (SIB) is in serious talks with Franklin Templeton, Reliance Mutual Fund and Sundaram Mutual Fund with a view to entering distribution of mutual fund products of various companies.
As part of the plan, the bank here today signed its first agreement with Tata Mutual Fund (TMF) to distribute its mutual fund products.
V A Joseph, chairman and chief executive officer of the bank, said SIB had chalked out plans to increase its income from other businesses like distribution of mutual funds and insurance products. The bank has plans to increase its other income to Rs 10 crore in the current fiscal from Rs 3 crore during 2005-06.
SIB has already tied up with ICICI Prudential for life products and United India Insurance for marketing general insurance products.
The bank will also tie up with a major broking firm for online equity trading as it wants to provide all financial instruments to its customers.
South Indian Bank in pact with Tata Mutual Fund
Our Regional Bureau / Chennai/ Kochi Jun 27, 2006, 22:03 IST
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