Reliance MF in pact with Union Bank

Mumbai: Reliance Mutual Fund and Union Bank of India (UBI) have signed a memorandum of understanding (MoU) for distribution of Reliance Mutual Fund''s schemes through UBI''s selected branches. Currently, 65 branches of UBI have been identified to offer this service, stated a company press release.

Amitabh Chaturvedi, chief executive officer, Reliance Capital Asset Management Ltd, said that UBI is the right mix of the solidarity of a nationalised bank and the customer focus approach of the new generation banks.

"UBI seeks to make available all services and products to their clients under one roof and sees the MoU as a step in that direction," said V. Leeladhar, chairman and managing director.

The issue date is yet to be declared.