Kotak Mahindra AMC ties up with BoI

Tuesday 27, June, 2006 Kotak Mahindra Asset Management Company Ltd has entered into a tie-up with Bank of India to distribute the entire bouquet of Kotak Mahindra Mutual Fund products at the 1,000 identified branches across the country.

Talking to newspersons here on Wednesday, Mr Sandesh Kirkire, CEO, Kotak Mahindra AMC, said: "The tie-up is important as Indian retail investors need to participate in capital markets. Banks are best poised to expand the market. The tie-up with Bank of India will help us make our products and services accessible to a large retail base of investors."

Kotak Mahindra AMC has already tied up with six nationalised banks and other private sector banks for the distribution of their products.

Bank of India's income from third party products was Rs 10 crore last year, said Mr M. R. Kamath, Executive Director, Bank of India. The bank hopes to double it this year.

He said interest rates would most likely move up, but ruled out an immediate hike. "There is a need for interest rates to go up. We have yet to decide how much we can pass on to our customers," he said on the sidelines of the press conference.

The bank's net interest margin is 3.1 per cent as of now

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