Indian Bank has decided to re-enter mutual fund business; it had sold its mutual fund business launched in 1989 to Tata Mutual Fund in 2001.
Mumbai: Chennai-based Indian Bank has decided to appoint a consultant to advise it on re-entering mutual fund business, according to a report in Business Standard.
The public sector bank’s Chairman and Managing Director, T M Bhasin, told the newspaper that the bank would re-launch mutual fund business along with a joint venture partner.
Indian Bank was among the initial public sector entities to launch mutual fund businesses in the late 1980s to end Unit Trust of India’s long monopoly. Indian Bank had set up its mutual fund company in 1989. It sold the business to Tata Mutual Fund in 2001.
The bank also plans to get into life insurance business along with a domestic partner and a foreign partner. The bank has already initiated talks with prospective partners.
