Reliance AMC today announced a distribution tie-up with Indian Overseas Bank (IOB) to distribute its funds.
Indian Overseas Bank will be selling Reliance MF schemes through its 2,689 branches.
“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, CEO, Reliance AMC.
RCAM will be reaching out to over 24 million IOB customers across the country through this initiative. The bank has a strong footprint in the Tier-I and Tier II cities, a key focus for RCAM.
“Our continuous effort is to provide one stop banking and investment solutions to our customers. We are proud to be associated with Reliance Capital Asset Management. 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.
RCAM will provide soft skills and product training support to the bank to help them effectively facilitate sales across all IOB branches in the country, besides facilitating marketing and promotional materials of all the MF schemes.
“We see a huge untapped potential in the tier-1 and tier-2 cities in India. Our partnership with banks will help us reach out to investors in smaller towns and cities and facilitate the banks to offer a complete set of financial products to their customers”, said Sundeep.
