Dhanalaxmi Bank in tie-up with HDFC MF

Private sector Dhanalaxmi Bank today said it has entered into an alliance with HDFC Mutual Fund for distributing the latter's financial products through its branches across the country.

This alliance with HDFC Mutual Fund will help us provide quality funds to our customers and thereby provide more choices and opportunities for financial planning," Dhanalaxmi Bank's Head-Broking & Distribution D A Dhananjaya said in a statement.

HDFC MF's schemes will be provided to the bank's customers through its 271 branches in over 130 cities and towns across the country.

HDFC MF's Vice-President and Head-Sales and Distribution, Kiran Kaushik, said, "The tie-up will give us an opportunity to tap customers across the bank's extensive network and further strengthen our position in the market. At the same time, it will provide Dhanalaxmi Bank customers an easy access to reliable investment products."

As of March 2010, the bank had a total net worth of Rs 400 crore, total deposits worth Rs 7,098 crore and advances worth Rs 5,006 crore. It had booked a profit of Rs 23.3 crore in the last financial year.