UTI MF ties up with South Indian Bank

UTI Mutual Fund (UTI MF) and South Indian Bank (SIB) today announced a strategic tie-up for distribution of UTI Mutual Fund schemes.

As per an MoU signed here today by Alex Mathew, general manager, SIB, and R Vijayakumar, regional sales head (South), UTI MF, the entire mutual fund schemes would be offered across the country through their select branches.

The bank has already identified 200 branches for distribution of the products.

Addressing a press conference, Alex Mathew said that the bank had targeted to mobilise an income of Rs 10 crore as commission through the sale of mutual fund and insurance products of various companies in the current fiscal.

Incidentally, this is the fifth similar tie-up of SIB for distributing MF products. The bank has already recruited 100 marketing personnel for exclusively distributing financial products.

SIB, which has already taken over the management control of Hadi Express, a Gulf-based exchange company, will open an outlet in Dubai in order to cater to its clients in the region. According to Alex, 30 percent of the total business of the bank is from the Gulf region.

The branch network will be increased to 475 and the number of ATMs to 150 by the end of the current financial year.

Vijayakumar said the tie-up has strategic significance as Kerala is an important retail market for UTI MF, which has already tied up with Federal Bank and Catholic Syrian Bank (CSB). The latest tie"�up with SIB would help it to reach out to more retail investors in the state.