UTI Mutual Fund ties up with Standard Chartered Bank
UTI Mutual Fund (UTI MF) has entered into a tie-up with Standard Chartered Bank for accepting its New Fund Offer (NFO) applications in Dubai.
For the first time Non-Resident Individuals in Dubai can invest in UTI MF NFO’s using Dirham cheques through Standard Chartered Bank, UAE.
On the occasion Mr. Jaideep Bhattacharya, Chief Marketing Officer, UTI AMC said, “This initiative reflects UTI MF’s strategy to offer multiple access points to non-resident investors. Non-resident individuals in Dubai will now have the option of investing in our NFO’s either in Dirham or Rupee cheques. Standard Chartered Bank has a dominant presence in Middle East and this tie-up will help us in our strategy to focus in this area. We propose to gradually extend this facility to non-resident individuals across the Middle East.”
Mr. Sameer Sawhney, Managing Director, Transaction Banking, India and South Asia, Standard Chartered Bank said, “With the signing of this agreement Standard Chartered has taken another step forward to meet the diverse financial needs of its NRI customers under one roof. Being the largest foreign bank in the Middle East this deal has opened the doors for our customers to leverage our extensive network to their benefit. For accepting NFO applications from non-resident individuals, the Bank has initially identified its branch at Deira and Mankhool Road in Dubai.”
About UTI Mutual Fund
UTI Mutual Fund is a SEBI registered mutual fund whose Sponsors are State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India.
UTI Mutual Fund has assets under management of Rs.45002.62 crore and investor accounts of over 8 million under its 75 domestic schemes (as of September 30, 2007).
UTI Mutual Fund has a wide distribution network comprising 79 Financial Centers (UFCs), 301 Chief Representative offices, 155 Chief Agents and 30540 AMFI certified Financial Advisors. UTI Mutual Fund also reaches its investors through several Banks and Department of Post.
UTI Mutual Fund also has a presence in London, Dubai and Bahrain through its wholly owned subsidiary UTI International Ltd.
No tag for this post.