Kolkata: Reliance Mutual Fund will be tying up with UCO Bank for distribution of its schemes.
The bank's proposed arrangement with Reliance will come close on the heels of its association with the country's largest fund manager, UTI Mutual Fund. A strategic tie-up between the two, sealed in October this year, will have UCO offering the entire suite of UTI mutual fund products through select branches.
Reliance Mutual Fund has a range of debt and equity schemes, including a few schemes dedicated to sectors such as banking, power and media.
UCO Bank at an EGM held on Monday has elected four directors from among its shareholders under Section 9(3)(i) of Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
The new directors are, Sanat Kumar Datta, Satya Prakash Mangal, Bhal Chandra Mahadev Bhide and Ram Avtar Yadav.