Andhra Bank to sell Kotak's MF products

Andhra Bank has tied up with Kotak Mahindra Asset Management Company (Kotak AMC) for cross-selling the latter’s bouquet of mutual fund products through its 1,386 branches. An MoU in this regard was signed between Andhra Bank executive director Anil Girotra and Kotak AMC chief executive officer Sandesh Kirkire here on Friday.

Briefing mediapersons, Girotra said the bank had earned a fee-based income of Rs 90 crore last year, which was expected to double during this financial year. “Income towards commission from sale of mutual funds last year stood at Rs 1.1 crore. We expect this to more than double to Rs 2.5 crore this fiscal,” he said.

 

The bank is planning to introduce online trading services in the next two months. It is currently in talks with a few stock broking companies to implement the same. “Initially, the online trading service will be offered at 300 branches that currently have the core banking solution (CBS) platform,” he said, adding that the bank’s entire branch network would be brought under the CBS umbrella by this fiscal end.