Syndicate Bank, IDBI MF in distribution partnership

MUMBAI: Public sector lender Syndicate Bank has tied up with IDBI MF to distribute their mutual fund products in a bid to expand the product offerings, the bank said here today.

"Our bank has taken a lot of initiatives making a separate vertical for mid-corporate and fee-based income. This tie-up with the asset management companies is one such initiative to provide customers a wider range of investment options, other than the regular banking products," Syndicate Bank chairman and managing director MG Sanghvi said.

He also said the latest initiative will help the bank ramp up fee-based income, with its branches catering to various investment needs of the customers.

On the new tie-up, chief executive officer of IDBI Mutual Fund, Debasish Mallick, said partnership with Syndicate Bank would help his organisation reach out to more customers.

Referring to expansion plan of the public sector lender, he said Syndicate bank has plans to expand its branch network to 3,000 from 2,707 with a total business reaching Rs 3.5 trillion in the current financial year.

The bank has also started a special current account, savings account (Casa) campaign.

It will also soon resume gold coin sales along with launching of gift cards.