Birla Mutual Fund in a strategic tie up with Bank of Rajasthan
10th January, 2006
An MOU was signed by Mr. S.V. Prasad, CEO, Birla Mutual Fund and Mr. B. M. Sharma, Managing Director, Bank of Rajasthan for a strategic alliance to distribute and market Birla Mutual Fund products through 425 branches of Bank of Rajasthan.
Mr. S. V. Prasad, CEO, Birla Mutual Fund said, "We are happy to be associated with The Bank of Rajasthan Ltd., one of the most efficient and trusted names in the private sector banks, having a large network of branches." He added, "We are positive that this tie up will give us an opportunity to tap the huge customer base of the bank in India especially in Rajasthan where the bank has a prominent presence".
The Bank of Rajasthan Ltd. will facilitate the distribution of products of Birla Mutual Fund through its strong network of 425 branches nationally, of which more than 270 branches are interconnected. Birla Mutual Fund has assets under management in excess of Rs. 13,000 crore as on 31 December 2005.
Mr. B. M. Sharma, Managing Director, Bank of Rajasthan said, "We are constantly looking at ways to reinvent and grow in order to maximise benefits for our customers. We wish to make available the best products of mutual funds for needs of our clientele."
Birla Sun Life Asset Management Company (BSLAMC) would be training the Bank of Rajasthan staff on mutual fund sales. Both will make joint marketing efforts to ensure the success of this strategic tie-up.
BSLAMC was established in 1994 and has grown significantly over the last 10 years, ranking among the largest fund houses in India. In addition to managing domestic mutual funds, BSLAMC has a portfolio management services division and also manages two successful offshore funds.
"BSLAMC is firmly committed to the Indian mutual fund market and continues to expand upon its commitment to provide the highest level of service to all its customers," S.V. Prasad said.
About Birla Sun Life Asset Management Company Limited (BSLAMC)
Birla Sun Life Asset Management Company Limited, the investment manager for Birla Mutual Fund, is a joint venture between the Aditya Birla Group and Sun Life Financial of Canada. With total assets under management of over Rs 13200 crore (including domestic and offshore assets), BSLAMC has consistently endeavoured to provide investors with superior risk-adjusted returns in a family of funds, which include diversified and focused equity schemes, balanced and monthly income funds, and a wide range of investment schemes designed to cater to every need of the investor.
About The Bank of Rajasthan Ltd
The Bank of Rajasthan, which was established in 1943, enjoys a good position among private sector banks and has made its presence felt in a wide spectrum of activities. The bank hopes to expand its present number of 425 branches to 500 in the near future. The bank has already started Anywhere Banking across the country and also plans to introduce ATM network / credit card.
For more information, please contact:
Mr. Ravi Sharma
Vice President - Marketing and retail sales
Tel: 5692 8052 (Direct), 5692 8000 (Board)
Fax: 5692 8110 / 5692 8111