United Bank to distribute DSP BlackRock's mutual funds

KOLKATA: State-run United Bank of India will distribute mutual funds of DSP BlackRock Investment Managers to improve its fee income. The two entities have signed an agreement to this end on Tuesday.

""Mutual fund distribution helps us to provide customers a wider range of investment options, other than normal banking products. Further, it also gives a boost to the non-interest income,"" UBI chairman and managing director Bhaskar Sen said.

He added: "Keeping in view the volatility of the stock market, the bank offers SIP mode of mutual funds investment to our customers, which is much safer mode of investment."

This agreement will help DSP BlackRock to expand retail distribution of its mutual fund products. UBI will the products through a select set of branches.

At a press release issued by UBI, S Naganath, president and chief investment officer with the fund house was quoted saying: "Mutual Funds, as an investment avenue, are becoming increasingly popular with retail investors."