HDFC Mutual Fund in marketing tie-up with Dena Bank

26 October 2006

HDFC Mutual Fund has entered into a marketing alliance with Dena Bank for distribution of its products through its branch network.

Dena Bank will offer the entire bouquet of HDFC Mutual Fund products at about 150 branches across India. According to P L Gairola, chairman and managing director, Dena Bank, "By offering a variety of financial services under one roof, the bank's branches are taking the shape of financial supermarkets, while adding value to the relationship with our customers."

The strategic tie-up would further strengthen the activity of distribution of mutual fund products "and give us an opportunity to boost fee-based income," he added.

Milind Barve, managing director, HDFC MF, points out "the broad network of Dena Bank is ideally positioned to provide us the required distribution platform." The partnership with Dena Bank "will help us to spread the knowledge and understanding of mutual fund products," he avers.

HDFC MF sells 30 per cent of its products through bank branches. It already has similar tie-ups with Union Bank of India, Bank of India and Canara Bank.