Mumbai: Reliance Mutual Fund, a part of Reliance Capital, on Thursday said it has entered into a distribution tie-up with Indian Overseas Bank (IOB).
As per the agreement, IOB will sell Reliance MF products through its 2,689 branches.
"This agreement would help us expand our customer base, especially in tier II and III cities, leveraging on the wide network of the bank," Reliance Capital Asset Management chief executive Sundeep Sikka said adding this tie-up will help the company reach around 24 million customers of IOB.
Referring to the distribution tie-up, IOB chairman and managing director M Narendra said, "this would enable the bank to operate as a financial super market and help in strengthening the relationship of the existing and potential customer base, providing an opportunity to cross-sell."
Reliance MF manages around Rs 1,40,000 crore across MFs, government, government-sponsored public funds, managed accounts and hedge funds.
First Published: Thursday, September 13, 2012, 16:07