Central Bank Of India Partners With Mirae For Mutual Fund Products

Central Bank of India Ltd. has partnered with Mirae Asset Investment Managers (India) Pvt. for the distribution of mutual fund products under its do-it-yourself model.

Through this partnership, the bank is looking to offer its customers an opportunity to 'unlock the value of their savings through various mutual fun products', the bank said in an exchange filing on Saturday.

Mirae Asset Investment Managers is a wholly-owned subsidiary of Mirae Asset Global Investments (India) Pvt., which is sponsored by Mirae Asset Global Investments Company Ltd., South Korea, of Mirae Asset Financial Group. In January 2020, the parent company transferred the asset management business to Mirae Asset Investment Managers.

As of May 31, 2024, the AUM of Mirae Asset Investment Managers was Rs 1.73 lakh crore.

Shares of the Central Bank of India closed 1.06% higher at Rs 190.30. This compares to a 0.27% decline on the BSE.