Mumbai: The South Indian Bank, which in fact has one of the largest branch networks under the core banking system among the private sector banks in India has decided to offer the complete range of HDFC mutual fund products from its 100 selected branches across the country. South Indian Bank and HDFC mutual fund entered into an agreement, which will help HDFC mutual funds to leverage the reach of South Indian Bank and expand its presence. V A Joseph, Chairman and CEO of the bank said, "This mutually rewarding relationship will help the bank add more fee based income, which will ultimately increase shareholder value. This new kitty in our financial supermarket, will benefit our customers." South Indian Bank is planning to expand its network of branches to 500 by March 2008. Of the existing network of 485 branches, 99 are located in Tamil Nadu. South Indian Bank offers Internet Banking to its customers by its Sibernet Retail and Sibernet Corporate channels and has a customer base which include modern, internet savvy population and NRIs. These customer segments can be a good market for HDFC mutual fund products. |
