Karnataka Bank, the private sector lender, has signed a Memorandum of Understanding (MoU) with Birla Sun Life Asset Management Company (Birla Sunlife MF) for distribution of mutual fund products, on September 27, 2016 at Mangaluru. The bank will try to provide its customers by giving them a choice to choose from the various funds of Birla Sunlife MF.

P Jayarama Bhat, managing director of the bank said, "The Bank is committed to become a "one stop financial super market" to its customers. In this background, the Bank is expanding its scope under distribution of mutual fund business by joining hands with Birla Sunlife ME, which is one among the top ranked mutual fund company in India. With its branches across India, the Bank will try to provide its customers by giving them a choice to choose from the various funds of Birla Sunlife MF."

Shares of the bank gained Rs 0.85, or 0.55%, to trade at  Rs 154.20.  The total volume of shares traded  was  24,017 at the BSE (10.19 a.m., Thursday).