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Hyderabad, Sept. 11

Andhra Bank will be cross selling mutual fund (MF) products of the Reliance Asset Management Company. The Andhra Bank Chairman, Mr R.S. Reddy, and the Chief Executive Officer, Reliance Mutual Fund, Mr Vikrant Gugnani, signed a memorandum of understanding in this regard here on Thursday. Mr Reddy said a substantial part of the bank’s fee-based income is generated from sale of mutual funds and the bank has a base of two crore customers to sell mutual funds. Mr Vikrant said Andhra Bank had a 25 per cent market share in the State and this would augur well for the sale of his company’s products.

— Our Bureau

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