Franklin Templeton ties up with Bank of M'shtra

Pune, Oct 5: Franklin Templeton Investments (India), one of the largest fund houses in the country, has signed a Memorandum of Understanding (MoU) with Bank of Maharashtra, a leading public sector bank, for the distribution of its products.

Speaking on the occasion, BoM chairman-cum-managing director M D Mallya said: ''The signing of this distribution alliance with Franklin Templeton Investments is part of our initiative to leverage on our extensive network to expand our retail business, helping us offer a comprehensive range of financial products to our customers.

We are confident that the distribution of mutual fund products will make a significant contribution to our fee income in the coming years.'' Franklin Templeton India president Vivek Kudva said, ''The MF distribution landscape has undergone considerable change with the banking channel gaining market share. We see this channel as key to expanding the reach of the MF industry to semi-urban and rural areas.'' ''In our view, banks such as the Bank of Maharashtra, with their wide branch network and large customer base, are ideally placed to help us achieve our goal of becoming a household name in India.

Through this alliance, we hope to make our products available to many more retail investors,'' he added.

UNI