Mumbai/New Delhi: ICICI Prudential Mutual Fund has entered into a strategic partnership with Syndicate Bank, one of India's most trusted and progressive PSU Banks for distribution of its mutual fund schemes to further strengthen its distribution reach. Syndicate Bank will now be distributing ICICI Prudential Mutual Fund products to its customers across India through its large network of 2709 Branches.
Speaking on the alliance Shri M. Anjaneya Prasad, Executive Director, of Syndicate Bank, said, "The Bank's continuous endeavor is to provide one stop Banking and Investment solutions to its Customers. This tie-up with Asset Management Companies like ICICI Prudential AMC is one such initiative to provide customers a wider range of investment options, other than the regular banking products. This would enable the Syndicate Bank branches to operate as a financial super market. Branches can now cater to the needs of its customers by offering various Mutual Fund schemes and help in strengthening the existing relationship with the Bank's clientele base and provide an opportunity to cross-sell. This would also help in augmenting the Fee-based income for the Bank. The Bank has an ambitious plan to expand its existing branch network from 2713 to 3000 and the ATM network from the existing 1240 to about 1800 across the country during the current year and to reach a global business of Rs 3,50,000 crore. Further, Bank has launched a special current account savings account (CASA) campaign with multi-benefits across its more than 2700 branches in the country."
Commenting on the partnership Mr. Nimesh Shah, Managing Director & CEO, ICICI Prudential AMC, said, "We believe that retail investors will be the drivers of Mutual Fund industry going forward. A lot can be done to reach out to the vast population of retail investors in the semi-urban and rural India. 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. It is a valuable partnership for us, and a step towards inclusive growth."
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