Andhra Bank ties up with Reliance AMC

Andhra Bank has entered into a tie-up with Reliance Capital Asset Management Limited, a company of Anil Dhirubhai Ambani group, to broad base its sale of mutual fund products. Both the companies signed a memorandum of understanding to this effect here on Thursday.
 
Speaking on the occasion, chairman and managing director, RS Reddy, said the bank had already tied up with five mutual funds and Reliance Capital was the sixth one. So far, the bank had earned Rs 5 crore towards commission from sale of mutual fund products.

Chief executive officer of Reliance Capital, Vikrant Gugnani, said the asset management company had been trying to figure out a deal with Andhra Bank for the past one year.