The agreement was signed by Sanjay Narayan, General Manager of Union Bank of India and Nityanand Prabhu, Executive Director & Business Head, LIC Mutual Fund, in the presence of T.S.Ramakrishnan, MD & CEO of LIC Mutual Fund.
Union Bank of India has signed an agreement with LIC Mutual Fund for distribution of their mutual fund products through Union Bank branches.
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Post amalgamation, Union Bank of India has been showing good performance in third party income, and is closely working with the insurance and mutual fund partners, to provide niche products to their customers, the bank said in a statement.
Speaking on the occasion, Sanjay Narayan, GM, Union Bank of India said “At Union Bank of India, it has always been our endeavour to provide best of the products to our customers. We are happy to announce our tie-up with LIC Mutual Fund, which will augur well for our customers especially in rural and semi-urban areas."
T.S.Ramakrishnan, MD & CEO of LIC Mutual Fund said “We are delighted to partner with Union Bank of India to offer our mutual fund products. Union Bank and LIC MF’s extensive reach across the country, especially in the rural and semi-urban areas, will enable us to reach wider diaspora of investors.”
Union Bank of India with 8,729 Branches, is the fourth largest PSB after amalgamation in terms of business volumes. The total business of Union Bank of India has crossed 18 trillion for September 2022.
LIC Mutual Fund (LICMF) was established on April 20, 1989 by LIC of India, is one of the oldest & leading Mutual Fund operating in India, which is sponsored by LIC of India, trusted brand in the Insurance Industry.
(Edited by : Anshul)