Syndicate Bank has entered into a distribution tie-up with HDFC Mutual Fund whereby the bank will sell the asset management company’s product through its branches. Through this tie-up the bank will be able to offer superior scheme to its customers thereby helping it to increase its fee based income.
On the other hand, through this tie-up the asset management company will get the opportunity to penetrate in TIER II and TIER III cities by tapping bank’s customers across 2,700-plus network in the country.
As of June quarter, the HDFC AMC managed an average asset under management of Rs 92,625 crore.
