Taurus CEO Waqar Naqvi (left) with Bajaj Allianz CEO J.K. Bhagat in Calcutta on Tuesday. Picture by Kishor Roy Chowdhury

Calcutta, Aug. 26: Bajaj Allianz Financial Distribution Ltd (Bafdal), a 50:50 joint venture between Bajaj Finserve Ltd and Allianz SE of Germany, plans to start credit card business soon.

“We are talking to a few players, but nothing has been finalised yet,” said Jitendra K. Bhagat, chief executive officer of the company.

Bafdal, which entered the mutual fund distribution business today through a tie-up with Taurus Mutual Fund, distributes life and non-life insurance products as well as consumer loan products of group companies.

“Credit cards are complementary to our consumer finance business. We have not yet decided whether it will be a proprietary or a co-branded card. The card will be launched within this financial year,” Bhagat said.

On the distribution of mutual funds, Bhagat said the company had shortlisted five fund houses to sell their products. “In fact, Allianz itself has applied to market regulator Sebi for a licence to start asset management business in the country. Given the long understanding and association with the Bajaj group, I believe, the mutual fund business will also be carried out by the Bajaj Allianz alliance,” Bhagat said.

Taurus, the second-oldest mutual fund house in the country after Morgan Stanley, on the other hand, is planning to catch up with its peers.

According to Waqar Naqvi, who has recently taken over as the CEO of Taurus Asset Management Company, “The promoters were not focused on increasing the distribution network. Now we want to increase our distribution network aggressively. We are expanding the number of offices and employing more people.”

At present, Taurus has eight schemes and Rs 400 crore of assets under management. Of this Rs 150 crore is under debt funds and Rs 250 crore under equity schemes.

The fund has a net worth of Rs 150 crore that will help it in its expansion. “Our net worth-to-AUM ratio will be the highest in the industry,” Naqvi said.