· Collaboration to offer mutual fund solutions of Aditya Birla Sun Life Mutual Fund through Saraswat Bank’s 280 branches across six states
· Aims at combining synergies to enhance the reach of investing solutions
Mumbai, March 5, 2020: Aditya Birla Sun Life AMC Limited, a subsidiary of Aditya Birla Capital Limited (a significant non-bank financial services’ conglomerate), and investment manager to Aditya Birla Sun Life Mutual Fund (ABSLMF) today announced a strategic tie up with the largest, and one of the oldest, Urban Co-operative Banks in India, Saraswat Bank. As per the agreement, Saraswat Bank will now offer the entire bouquet of Aditya Birla Sun Life Mutual Fund products at its 280 plus branches across the country.
Commenting on the association, A. Balasubramanian, MD & CEO, Aditya Birla Sun Life AMC Limited said, "As one of India’s leading Mutual Fund players, we are constantly on the look-out for opportunities that can help us expand the distribution reach of mutual fund products and enable investors to benefit from our offerings. Saraswat Bank, undoubtedly is one of the prestigious and trusted names in the banking industry. We are confident that the strong network of Saraswat Bank’s branches coupled with Aditya Birla Sun Life Mutual Fund’s expertise will further mutual fund penetration in India. Customer focus and product leadership are the key values that create a more common thread between us and we look forward to sustain this trust while building value for our customers.”
ABSLMF has been strengthening its distribution reach and is adopting and maintaining wide range of innovations to cater both to the urban and rural areas of the country. The fund house would be leveraging Saraswat Bank’s robust branch network to reach a wider cross section of the Indian population to provide them investing solutions through its wide range of product offerings.
Speaking on the development, Gautam Thakur, Chairman, Saraswat Bank said “We are delighted to be associated with Aditya Birla Sun Life Mutual Fund to offer their mutual fund schemes to our valued customers. At Saraswat Bank, we continue to blend our 100-year legacy with the flexibility and foresight of a contemporary institution, bringing best-in-industry products and services to our customers. This tie-up would go a long way in further strengthening the bond with our customers by offering them investment options in mutual fund schemes of ABSLMF.”
Saraswat Bank has more than 280 branches and 266 ATMs across six states in India – Maharashtra, Karnataka, Goa, Madhya Pradesh, Gujarat and Delhi. It has correspondent banking relationships across sixty-five countries covering nine currencies.
Aditya Birla Sun Life Mutual Fund is focussed on expanding the reach and enhancing the appeal of mutual funds across a wider set of investors in India. As part of its strategic focus the fund house aims to strengthen its business across all partner banks along with the new tie-up with Saraswat Bank.