BWI: Kotak Mahindra Mutual Fund Enters Into a Distribution Tie-Up with Central Bank of India

Press release from Business Wire India
Source: Kotak Mahindra Mutual Fund
Monday, December 29, 2008 05:50 PM IST (12:20 PM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst
Release no: 18821
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Kotak Mahindra Mutual Fund Enters Into a Distribution Tie-Up with Central Bank of India
Customers of Central Bank of India will Now Have Access to Kotak Mutual Fund Products

Mumbai, Maharashtra, India, Monday, December 29, 2008 -- (Business Wire India) -- Kotak Mahindra Asset Management Company, one of India's leading mutual fund houses, today entered into a distribution tie-up with Central Bank of India. Under the agreement Central Bank of India will offer the entire bouquet of Kotak Mutual Fund products from the bank's branches. Sandesh Kirkire, Chief Executive Officer, Kotak Mahindra AMC and Mr.G.P. Chitnis, General Manager, Central Bank of India signed the MOU.

On the occasion, Sandesh Kirkire, Chief Executive Officer, Kotak Mahindra Asset Management Company said, "The banking channel is one of the best platforms to reach out to retail investors. Offering advice on mutual fund investments is an extension of the value added services that are offered by banks. As experts in the field of wealth creation in India, our tie up with Central Bank of India will reinforce our commitment to expand retail participation. With this tie-up, customers will gain easy access to the various schemes of Kotak Mahindra AMC at the branches where they do their banking transactions."

Speaking on the occasion, Mr.G.P. Chitnis, General Manager, Central Bank of India, said '' Central Bank of India was established in 1911 by Sir Sorabjee Pochkhanawala as a first Swadeshi Bank of the country. Over the past 98 years it has spread throughout the country and has established itself as a most popular Brand name. Bank's present Business is about Rs.197000 crore and it will cross Rs.2 lac crore shortly''.

He said that the Bank held a very prominent position amongst the Public Sector Banks. It has a network of more than 3416 Branches, 230 Extension Counters and 400 ATMs. It has brought 1180 Branches under Core Banking Platform and all other Branches are computerized.

Mr. Chitnis added ''In the Indian financial markets, Mutual Funds have established themselves and gained popularity amongst the retail investors. For us, this tie up will open up further opportunities to provide our vast client base with a wider choice of products to meet their diverse financial needs. It will also give a boost to Bank's fee-based income. The Bank will distribute all the products of Kotak Mahindra AMC through its selected Branches''.

About Kotak Mahindra Mutual Fund

www.kotakmutual.com

Kotak Mahindra Asset Management Company Limited (KMAMC), a wholly owned subsidiary of KMBL, is the Asset Manager for Kotak Mahindra Mutual Fund (KMMF). KMAMC started operations in December 1998 and has over 10 Lac investors in various schemes. KMMF offers schemes catering to investors with varying risk - return profiles and was the first fund house in the country to launch a dedicated gilt scheme investing only in government securities.

Kotak Mahindra Mutual Fund provides investors with smart financial products, which are aimed at enhancing customers' wealth, along with services that make the investing process easier. The company has a history of innovative products and services behind it, and has led the way for the industry on many counts.

Set up in 1998, Kotak Mutual Fund currently manages assets in excess of Rs. 14902 crores contributed by over 10.54 lakh investors (as on 30th November, 2008).

Statutory:

Kotak Mahindra Mutual Fund is a Trust (Indian Trusts Act, 1882). Investment Manager: Kotak Mahindra Asset Management Company Ltd. Sponsor: Kotak Mahindra Bank Ltd. (liability Rs. NIL). Trustee: Kotak Mahindra Trustee Company Ltd.

Before investing, please read the Offer Document carefully.

To view the photograph, click the link below:

Mr. Sandesh Kirkire, Chief Executive Officer, Kotak Mahindra AMC and Mr.G.P. Chitnis, General Manager, Central Bank of India signed the MOU

For picture(s)/data to illustrate this release click below:

http://www.BusinessWireIndia.com/attachments/PIC_1(191).JPG
PIC_1(191).JPG



CONTACT DETAILS
Kaiyomurz Daver, Vice President - Marketing, Kotak Mahindra Asset Management Company, +91 (022) 66384430, kdaver@kotak.com
Ajith Henry, IPAN Public Relations, +91 9820814870, Ajith.henry@ipan.com

KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst, KOTAKPSUBK.NS

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