LIC Mutual Fund Asset Management Company today announced its tie-up with Cosmos Co-operative Bank for distribution of its mutual fund products through the bank’s 140 branches spread across pan-India.
Commenting on the tie-up, Ms. Sarojini Dikhale, CEO of LIC Mutual Fund Asset Management Company said “We are delighted to partner with one of the leading Co-operative banks; Cosmos Co-op Bank for their support in distributing our products to its customers. The combination of our comprehensive range of products catering to the varying investment needs of investors and the distribution reach of the bank would create a great convenience to the bank’s customers. We are very happy to embark on this relationship and look forward to a long and mutually engaging association”.
Mr. Vikrant Ponkshe, Managing Director and CEO of Cosmos Bank said “We are very excited with this opportunity. This would be a forward looking step for the bank to provide a complete financial solution to our esteemed customers. Mutual Fund penetration in India is still very low and banks have played an important role in selling these products to the mass. This engagement increases the option for our customers to choose from a bouquet of financial solutions”.
About LIC Mutual Fund
LIC Mutual Fund Asset Management Ltd (“LICMFAMC”) is sponsored by LIC of India. The shareholding pattern of LICMFAMC are LIC of India -45%, LIC Housing Finance Ltd. – 39.30%, GIC Housing Finance – 11.70% and Corporation Bank– 4.00%. LICMFAMC holds one of the widest networks of offices across the country covering over 220 locations. The company manages a comprehensive range of products and investment solutions to cater to the varying investment needs of its investors. www/licmf.com
About Cosmos Co-Op Bank
In the world of Co-operative Banking, The Cosmos Co-operative Bank Ltd. holds the record of 110 years of relentless service to its more than 20 lac satisfied customers through 140 branches in 7 States. Cosmos Bank is the second largest bank in co-operative sector. Over the past decade, the Bank has made continual progress and has set a model example to co-operative banks by its professional working. The bank is committed to maintain the highest level of ethical standards, professional integrity, corporate governance and regulatory compliance. Established with an objective to provide personalized banking services to varied customer base, the bank has served the purpose by understanding the needs of various customers truly and deeply, and designing its products accordingly. Being the member of BCSBI, Bank ensures the highest standards of banking practices to customers. It is the only Bank in co-operative sector which has RBI’s permission to run a currency chest which is fully operational.
Cosmos Co-operative Bank Ltd., is the robust market leader in urban banking sector in many areas with capacity to offer advanced services at par with any public or private sector bank.
The Board of Directors comprise of eminent and learned personalities from various professions having proficient approach towards formation of policies. The bank is managed by highly qualified, dedicated, dynamic and sincere management team.
We feel that Cosmos Bank is not just a Multistate Scheduled Co-operative Bank but a professionally managed `Financial Institution’.