ANZ Grindlays to float MF

8220;We are now putting in place an efficient distribution system. Before we launch the AMC, we8217;ll set up the marketing and investment advisory services system,8221; Pande said. ANZ already manages mutual fund assets worth nearly 12 billion in Australia and New Zealand.

The bank is also looking at the insurance sector to establish its presence in fundsmanagement. 8220;We are in a position to manage settlement, claims etc of the insurance sector. Besides, the bank will also targeting corporate customers in the management of pension funds,8221; Pande said.

Pande said the bank has a good network of branches all over the country, thereby enabling it to reach out to customers in all parts of the country. The bank has currently half a million retail customers and 1,000 corporate customers. 8220;We8217;re keen to expand our product offering to our customers,8221; he said.