ICICI Prudential Mutual Fund ties up with Syndicate Bank

MUMBAI: ICICI Prudential Mutual Fund has entered into a strategic partnership with Syndicate Bank for distribution of its mutual fund schemes. Syndicate Bank has agreed to distribute ICICI Prudential Mutual Fund products to its customers across India through its branch network of 2709 branches.

Speaking on the alliance M. Anjaneya Prasad, Executive Director, of Syndicate Bank, said, "The bank's continuous endeavour is to provide one stop banking and investment solutions to its customers. Tie-up with ICICI Prudential Mutual Fund is an initiative to provide customers a wider range of investment options, other than the regular banking products." As customers get to invest in schemes of ICICI Prudential Mutual Fund, Syndicate Bank gets an opportunity to boost its fee based income.

Commenting on the partnership Nimesh Shah, managing director & CEO, ICICI Prudential AMC, said, "In order to improve penetration, we are keen to partner with institutions that have the reach and customer loyalty. The alliance with Syndicate Bank will strengthen our distribution and help us provide our products to investors across geographies and sections."

The tie up comes at a time when SEBI has proposed to offer extra expenses for distribution in non-metros. Syndicate Bank has recently tied up with Reliance Mutual Fund for distribution of products offered by Reliance Mutual Fund.