Calcutta, Aug. 21: IDBI Asset Management Ltd, the mutual fund arm of IDBI Bank, is looking to expand its retail customer base by tying up with banks.
“Our focus is on increasing retail investment. We are tying up with banks to sell our products through their branches,” Debasish Mallick, managing director and chief executive officer of IDBI Asset Management Ltd, said here today.
As a part of the exercise, the asset management firm has tied up with the Federal Bank, Syndicate Bank, Indian Overseas Bank, J&K Bank and Corporation Bank in the past one year.
Mallick said the company was looking to collaborate with more banks. “We are planning to tie up with co-operative banks to expand our reach in the country,” he said.
He said the increasing interest of banks in tying up with fund houses would result in higher fee-based income when interest income was under pressure.