HDFC MF ties up with Dena Bank

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HDFC MF ties up with Dena Bank

HDFC Mutual Fund ties up with Dena Bank

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HDFC Mutual Fund has entered into a strategic alliance with Dena Bank for distribution of its mutual fund schemes across India to further enhance its distribution reach. As per the agreement, Dena Bank will offer the entire bouquet of HDFC Mutual Fund products at its select branches at 150 centres across the country.

Mr. P. L. Gairola, Chairman & Managing Director, Dena Bank and Mr. Milind Barve, Managing Director, HDFC AMC, made this joint announcement in Mumbai at the signing up event for the arrangement on October 19, 2006.

Speaking on the occasion Mr. P. L. Gairola, CMD, Dena Bank said "One of the missions of Dena Bank is to provide premier financial services of great value to the customers, and our tie up with HDFC Mutual Fund is another significant step in this direction. By offering a variety of financial services under one roof, the Bank's branches are taking the shape of financial supermarkets while adding value to the relationship with our customers. The signing of the agreement with HDFC Mutual Fund shall increase the business opportunities for the Bank as well as HDFC Mutual Fund. This strategic tie up will further strengthen the activity of distribution of mutual fund products through our branches and give us an opportunity to boost the fee-based income."

Commenting on the alliance, Mr. Milind Barve, MD, HDFC AMC said, "HDFC Mutual Fund has set the objective of enhancing its customer base by providing a range of mutual fund products and superior customer service. The broad network of Dena Bank is ideally positioned to provide us the required distribution platform. Mutual Funds as an investment option is not widely understood and therefore under owned and our partnership with Dena Bank will help us to spread the knowledge and understanding of Mutual Fund Products." 

Sourced From: Hanmer & Partners Communications Pvt. Ltd