Date:19/10/2005 URL: http://www.thehindubusinessline.com/2005/10/19/stories/2005101902510600.htm

Back Allahabad Bank eyes Rs 225-cr fee-based income this year

Our Bureau

Kolkata , Oct. 18

ALLAHABAD Bank has targeted a fee-based income of Rs 225 crore in the current year, a key part of which will come from sale of investment and savings products.

Mr O. N. Singh, Chairman, said the bank has set great store by marketing mutual funds, which are being increasingly accepted by its customers across centres.

The target for the year, if reached, will surpass the bank's earlier achievement on this front. Last year, it recorded a fee-based income of about Rs 100 crore.

On Tuesday, Allahabad Bank tied up with Principal PNB Asset Management Co for distributing the latter's funds, initially through select branches. The fund house has a number of products, both equity and debt.

The tie-up with Principal MF, Mr Singh told newspersons, would allow the bank to offer a greater variety of investment options to customers. Allahabad Bank, incidentally, already has a strategic tie-up with UTI MF.