HDFC Mutual Fund and Shamrao Vithal Cooperative Bank (SVB) on Wednesday entered into an alliance to offer the entire bouquet of the mutual fund’s schemes through the bank’s 105 branches across 7 states.
“This tie-up would go a long way in further strengthening the bond with our customers by offering them superior investment option in HDFC AMC’s mutual fund schemes,” SVB Chief Executive Officer Shrinivas Joshi said.
“SVB has a full-fledged department to handle third party products [TPP] which is an independent contributor to the bank’s bottom-line and our tie-up with HDFC AMC would add more robustness to our TPP business,” he said in a statement.
For HDFC, the tie-up would be an opportunity to tap wide range of customers.
“The tie-up will give us an opportunity to tap customers across the bank’s extensive network in 7 states and further strengthen our position in the market. At the same time, it will provide SVB customers an easy access to reliable investment products,” said Sr Vice-President Kiran Kaushik.