In a ceremony, Standard Chartered Bank signed an agreement with ABAMCO Ltd to distribute units of Abamco's open-end mutual funds, namely UTP and UTP Income Fund, through the bank's branch network. Through this agreement, Standard Chartered has added yet another value-added financial solution for its customers.
Commenting on this agreement, Badar Kazmi, Chief Executive Pakistan, Standard Chartered said, "This arrangement is 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. With the addition of Abamco's mutual funds, Standard Chartered is distributing a total of five mutual funds. We were the first bank in Pakistan to distribute mutual funds through our branches thereby providing our customer base with complete financial solutions, now geared towards longer-term investments."
Najam Ali, Chief Executive Officer ABAMCO Ltd said "The agreement is in line with Abamco's plan to expand its distribution network and to provide convenience to its clients. Our growth can be gauged by our impressive financial results for the year ending 2004."
As a result of this distribution arrangement, a host of benefits will become available to Standard Chartered's customers, which are:
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.-PR