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Birla MF to sell products through BoR

Birla MF signs a MoU with BoR to distribute and market Birla Mutual Fund products through 425 branches of BoR.

business Updated: Jan 10, 2006 16:59 IST

In a strategic alliance, Birla Mutual Fund on Tuesday signed a Memorandum of Understanding (MoU) with Bank of Rajasthan (BoR) to distribute and market Birla Mutual Fund products through 425 branches of BoR.

"We are positive that the tie-up will give us an opportunity to tap the large customer base of the bank, especially in Rajasthan, where it has prominent presence," Birla Mutual Fund CEO SV Prasad told reporters.

The bank will facilitate the distribution of products through its network of 425 branches nationally of which more than 270 branches are interconnected.

Initially, the product would be sold through a pilot of 15 branches, which would be subsequently increased as per demand.

The tie up is expected to fetch Rs 15-20 crore by March 31, for the bank, Bank of Rajasthan Ltd MD and CEO BM Sharma said on the sidelines of the function.

The Birla Mutual Fund, as on December 31, 2005, has asset under management in excess of Rs 13,000 crore.

First Published: Jan 10, 2006 16:59 IST