UAE's First Gulf, Kotak Mahindra tie up for investments, money transfers

Mumbai: The United Arab Emirate's First Gulf Bank will partner Kotak Mahindra Finance Ltd to make investment and money transfer to India easier for expatriate Indians living in the UAE.

Under the deal, First Gulf, the second-biggest lender in Abu Dhabi by market value, would offer brokerage and insurance products for more than 250 mutual funds in India and allow customers to send remittances directly to accounts at Kotak.

Expatriate Indians "present us with a host of wealth management opportunities," said Mufazzal Kajiji, head of wealth management at First Gulf.

Indians make up the largest community of expatriates in the UAE, where foreigners make up more than 80 per cent of the population.

Qatar's Doha Bank signed a deal in November with Kotak Mahindra Asset Management Co to market its mutual funds in Qatar.

Kotak Mahindra Mutual Fund (MF), meanwhile, fixed January 14 as the record date for declaring dividend under the dividend option of Kotak Fixed Maturity Plan 15 Month Series - 1 (Kotak FMP 15M Series I).

It will declare the entire distributable surplus available on the record date, as dividend.

Pursuant to payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy, if applicable. The NAV of the dividend option of the scheme stood at Rs10.716 per unit, as of January 07, 2008.

All unit holders registered on or before the record date will be eligible to receive the dividend.