Dena Bank, Shinsei Asset Mgmt in distribution tie-up

MUMBAI: Dena Bank today signed a distribution agreement with Shinsei Asset Management (India) for selling its mutual fund schemes through its network of branches spread across the country.

Dena Bank's Chairman and Managing Director, D L Rawal, and Shinsei Asset Management (India)'s Vice-Chairman, Sanjay Sachdev, jointly announced the tie-up here today.

"The signing of our agreement today with Shinsei Asset Management (India) is a significant event for our bank, which shall increase the business opportunities for the bank as well as Shinsei Mutual Fund. With this strategic tie-up, our bank would be able to market the products of Shinsei Mutual Fund also through our branches, in addition to the products of our existing mutual fund partners," Rawal said.

"We are extremely pleased to announce this distribution tie-up. The extensive network of nearly 1,100 Dena Bank branches across India would allow us an opportunity to reach out to a wider base of investors," Sachdev said.

Shinsei Asset Management (India) Chief Excecutive Officer, Piyush Surana, said that "the Indian mutual funds industry is set to grow exponentially and we believe this association will enable us to maximise our opportunities going forward."