Union Bank of India has signed an agreement with LIC Mutual Fund for distribution of their mutual fund products through Union Bank branches.
Union Bank of India has been performing well in third-party income since its merger, and the bank is working closely with insurance and mutual fund partners to provide niche products to their customers, according to a statement.
Speaking on the occasion, Sanjay Narayan, GM, Union Bank of India said “At Union bank of India it has always been our endeavour to provide best of the products to our customers. We are happy to announce our tie-up with LIC Mutual Fund, which will augur well for our customers especially in rural and semi-urban areas."
T.S.Ramakrishnan, MD & CEO of LIC said “We are delighted to partner with Union Bank of India to offer our mutual fund products. Union Bank and LIC MF’s extensive reach across the country, especially in the rural and semi-urban areas, will enable us to reach wider diaspora of investors.”
Union Bank of India with 8,729 Branches, is the fourth largest PSB after amalgamation in terms of business volumes. The total business of Union Bank of India has crossed 18 trillion for September 2022.
LIC Mutual Fund (LICMF), founded on April 20, 1989 by LIC of India, is one of the oldest and most prominent mutual funds in India, sponsored by LIC of India, a well-known brand in the insurance industry.