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Shinsei Bank ties up with Andhra Bank to enter Indian Mutual Fund market

January 28th, 2007

The Tokyo-based Shinsei Bank is forming a joint venture Asset Management Company (AMC) with India’s nationalized-bank Andhra Bank to enter into the Indian Mutual Fund market. The bank feels that large distribution reach of Andhra Bank will help it expand quickly and reach a wide range of customers. With this Shinsei Bank becomes the second Japanese company to enter India. Only few days back, Nikko Asset Management tied up with Ambit RSM for the AMC business.

Back in November 2006, Shensei Bank had a tie-up with UTI AMC for launching a diversified offshore fund.

Other foreign companies that are planning an Indian entry, many of them probably during this year include Mirae Asset, UBS, Aviva and Pioneer.

Entry Filed under: Mutual Funds