Mirae Asset Global Investment Management (India) on Thursday announced its tie-up with Saraswat Co-operative Bank for distribution of its mutual fund products.
Mirae Asset plans to expand its reach, especially in the smaller towns, using the extensive branch network of Saraswat Bank.
In turn, the move would facilitate Saraswat Bank customers to invest in a range of equity and debt schemes of Mirae.
“This tie-up provides us with an important platform to offer innovative products to the large base of Indian investors. In view of Saraswat Bank’s commendable presence in the smaller cities and villages (153 branches in 5 states), we strongly believe this partnership will add significant value to both of us,” said Arindam Ghosh, chief executive officer, Mirae Asset.
S.K. Banerjee, managing director of Saraswat Bank, said, “our bank has assigned highest priority for earning fee-based income by distributing third party financial products and services. We have in the past successfully tied up with various insurance and mutual fund houses. Mirae Asset is the latest in this respect.”
Banerjee added, “the bank will utilise its vast network of branches across five states to distribute their mutual fund products to customers. This tie-up is believed to bring up synergies of both the financial organisations.’’
In the last couple of months, Mirae Asset Mutual Fund has grown both in terms of the number of branches opened as well as its employee strength.
“Since inception in November 2007, we have opened 23 branches across the country and have employee strength of over 140,” said Mirae’s Ghosh.
Mirae Asset plans to expand its reach, especially in the smaller towns, using the extensive branch network of Saraswat Bank.
In turn, the move would facilitate Saraswat Bank customers to invest in a range of equity and debt schemes of Mirae.
“This tie-up provides us with an important platform to offer innovative products to the large base of Indian investors. In view of Saraswat Bank’s commendable presence in the smaller cities and villages (153 branches in 5 states), we strongly believe this partnership will add significant value to both of us,” said Arindam Ghosh, chief executive officer, Mirae Asset.
S.K. Banerjee, managing director of Saraswat Bank, said, “our bank has assigned highest priority for earning fee-based income by distributing third party financial products and services. We have in the past successfully tied up with various insurance and mutual fund houses. Mirae Asset is the latest in this respect.”
Banerjee added, “the bank will utilise its vast network of branches across five states to distribute their mutual fund products to customers. This tie-up is believed to bring up synergies of both the financial organisations.’’
In the last couple of months, Mirae Asset Mutual Fund has grown both in terms of the number of branches opened as well as its employee strength.
“Since inception in November 2007, we have opened 23 branches across the country and have employee strength of over 140,” said Mirae’s Ghosh.
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