Mumbai: Union Bank of India (UBI) has entered into a number of distribution and marketing tie-ups with a number of banks and is targeting Rs 100 crore as fee-based income from these, according to UBI chairman and managing director V Leeladhar.
At a press conference to announce the bank's tie-up with HDFC Mutual Fund for the distribution of the latter's products, Leeladhar said: ''UBI has set a target of Rs 100 crore as fee-based income from tie-ups with institutions such as HDFC Mutual Fund, HDFC Standard Life Insurance and New India Assurance for distribution of their products within the first one and a half years of establishing these alliances.''
He added that the marketing alliance with HDFC will cover UBI's network in Mumbai and will be rolled out to the rest of the country in a phased manner.
Speaking on the tie-up with HDFC to market the latter's mutual funds he said UBI has a total of about 110 marketing professionals of which 20 are based in Mumbai who are AMFI-certified and will look after the distribution of mutual fund products.
HDFC Mutual Fund managing director Milind Barve said: ''HDFC will not only provide UBI with knowledge about our products but also about the equity and debt markets that our products target.''