Bank of Maharashtra, SBI join hands to distribute MFs

Bank of Maharashtra and State Bank of India Funds Management have joined hands to distribute mutual funds of the latter through the bank's branches across the country.

"Under the tie-up arrangement, Bank of Maharashtra will distribute the mutual funds," Chairman and Managing Director Bank of Maharashtra Allen C A Pereira said in a statement.

Through this venture, 'Magnum Equity Fund', an open-ended equity diversified scheme, will offer investors growth-potential and capital appreciation to help plan for future needs in the medium to long term, it said.

"The tie up with Bank of Maharashtra is part of our effort to expand our reach to the semi-urban and rural investors. Our quality products would now be available to the customers of Bank of Maharashtra across the country. And with our superior fund performance and efficient customer services, we will be able to add value to the customers of the bank," SBI Funds Management Managing Director Achal Kumar Gupta said.