Reliance Mutual Fund set to expand Gulf presence

July 3rd, 2008 - 7:34 pm ICT by IANS  

Dubai, July 3 (IANS) Reliance Mutual Fund (RMF) of India has joined hands with the public sector Bank of Baroda (BoB) to distribute its products in the Gulf Cooperation Council (GCC) region. The agreement was signed by RMF deputy chief executive Sundeep Sikka and BoB chief executive for the UAE and the GCC region Ashok Gupta here Wednesday.

BoB has six branches in the UAE and three in Oman.

Besides the UAE and Oman, the GCC comprises Bahrain, Kuwait, Qatar and Saudi Arabia.

“The situation is in a way a reflection of the increased acceptance of our mutual fund schemes among our overseas investors,” Sikka said in an RMF statement.

“The pie is widening and hence the decision to tie-up with Bank of Baroda to ensure we reach all our customers,” he added.

BoB is the only Indian bank having full-fledged operations in the UAE. It has two branches in Dubai and one each in Abu Dhabi, Sharjah, Ras-Al-Khaimah and Al Ain.

It also has two customer service centres at Jebel Ali and Mussafah.

Sikka said the tie-up was an extension of the distributor relationship between RMF and BoB in India.

“We recognize our distributors as the most important link between the investors and the company. In order to grow this number and ensure quality service we saw Bank of Baroda as an ideal partner to help achieve our goals,” he said.

RMF is present in over 300 cities across the world. It has an investor base of over 6.5 million and has average assets under management valued at over Rs.984.3 billion.

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