Standard Chartered Bank has signed an agreement with Arif Habib Investment Management Ltd to distribute mutual funds through the bank's branch network.
Thus Standard Chartered has become the first bank in Pakistan to distribute mutual funds through its branches thereby providing its customer base with complete financial solutions, now geared towards longer-term investments.
As a result of this distribution arrangement, a host of benefits will become available to Standard Chartered's customers:
Convenient access to mutual funds through Standard Chartered's countrywide branch network.
Independent consultation and risk assessment of customers on the choice of fund most appropriate to them.
Provision of a long-term investment solution to investors who would like to benefit from returns offered in the local capital markets.
Commenting at this occasion, Badar Kazmi, Chief Executive, Standard Chartered, stated, "This arrangement is yet another first for Standard Chartered in Pakistan and an indication of the bank's continued emphasis on growth. We stand committed to strengthening our product and service offering in Pakistan, thereby enhancing customer convenience. We are confident that this facility will greatly benefit and assist our customers by providing them attractive investment opportunities."
Standard Chartered is the largest international bank in Pakistan, with 20 branches and 29 automated teller machines (ATMs).
Arif Habib Investments is an asset management company. It is the fund manager of two open-ended funds, Pakistan Income Fund (PIF) and Pakistan Stock Market Fund (PSM), which were set-up in March 2002.
The main sponsors of the fund are Arif Habib Securities while Central Depository Company (CDC) acts as its trustee.-PR