Bajaj Joins Hand With Allianz For MFs, Credit Cards

NEW DELHI: Bajaj Auto and German financial services provider Allianz on March 14, declared the setting of a joint venture for distribution of mutual funds, credit cards, personal loans and home loans. Unlike the other two joint ventures between Bajaj and Allianz for their insurance business, the new joint venture is a 50-50 JV between the two companies. The company-Bajaj Allianz Financial Distributors, will have a paid up capital of Rs 2.4 crore and will distribute financial products of different asset management companies, banks and non banking financial companies. The newly formed joint venture is still in negotiations with companies and did not disclose the products it will be distributing. The company will specifically aim the non urban areas for distributing the financial products.