Business

UTI MF in pact with REPCO

CHENNAI: UTI Mutual Fund, announced on Wednesday that it had entered into a tie-up with REPCO Bank for distribution of UTI Mutual Fund schemes. Addressing presspersons here R. Varadarajan, Executive Director, REPCO Bank, said the bank would be distributing the mutual fund products through all its 47 branches across the country with most of them in the Southern region. The bank had already teamed up with Western Union for money transfer service and Royal Sundaram Insurance for distribution of insurance products.

According to K. Madhavakumar, Country Head (PSU Banks and Postal Channel), UTI Asset Management Company, the tie-up would help REPCO Bank’s customers get easy access to invest in the various schemes of UTI Mutual Fund. On the functioning of REPCO Bank, Mr. Varadarajan said the scope of activity of the bank was initially confined to support repatriates. Later it expanded the activities and the bank emerged a dominant player in the retail market. The present business mix exceeded Rs. 2,400 crore and the bank enjoyed uninterrupted dividend record since 1992, Mr. Varadarajan said.

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