Reliance Capital Asset Management, a unit of Anil Ambani-led Reliance Capital, said it has entered into distribution tie-up with the public sector lender Indian Overseas Bank (IOB).
As per the agreement, Indian Overseas Bank will sell Reliance Mutual Fund schemes through its 2,689 branches spread across the country.
“We are delighted to join hands with Indian Overseas Bank as a distribution partner and are confident that this agreement would help us expand our customer base, especially in Tier II and III cities, leveraging on the wide network of Indian Overseas Bank branches across the country,” said Sundeep Sikka, chief executive officer, Reliance Capital Asset Management.
The tie-up will help Reliance Capital reach out to over 24 million Indian Overseas Bank customers across India.
“This association will help us work together to enhance business opportunities. This would enable the Indian Overseas Bank branches 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,” said M. Narendra, chairman and managing director, Indian Overseas Bank.