Recently, Birla Sun Life Mutual Fund (BSLMF) and Oriental Bank of Commerce (OBC) combined with a MoU pact for a strategic alliance. Now, the bank will distribute and market BSLMC’s mutual fund products through its branches.
About the alliance, economictimes.indiatimes.com, an online news portal about economy and business writes, “Birla Sun Life Mutual Fund (BSLMF) and Oriental Bank of Commerce (OBC) have signed a MoU for a strategic alliance, whereby the bank will distribute and market BSLMC’s mutual fund products through its branches.”
The news portal writes on a statement of Hari who is the OBC general manager A C, “the bank is committed to become a financial supermarket that provides diverse financial products under one roof to its customers.”
So, the bank wants to give a financial supermarket for the consumers that provide diverse financial products under one roof. It is the market strategy to develop a mall in financial market to provide everything in a single room.
Further the news portal quotes a statement of Hari, “For OBC, it will be one more product to offer to its clients and thus meet customers’ investment needs in a growing financial market.”
So, the bank wants to offer some suitable investment needs in the growing financial market. It is the best financial plan of the bank.
In the analysis the news portal writes, “Stating that BSLMF will be benefited by the 1,520 branches belonging to Oriental Bank, the statement said that it will help extend its reach to places where the fund has no representatives.”
The bank has targeted the market to make available the product in almost all area. It wants to place the funds in almost all branches where the fund has no representatives.
In the conclusion, Birla Sun Life MF and Oriental Bank of Commerce MoU is a strategic alliance to develop the funds in the growing financial market. It is the biggest news after the launch of PSU fund by SBI Mutual fund.
