The Hindu Business Line : Franklin Templeton signs MoU with SBP

BANCASSURANCE PACT: Mr Ashok Mukand (left), CGM, State Bank of Patiala, with Mr Vivek Kudva, President, Franklin Templeton, India, after signing an MoU in the Capital on Friday. — Ramesh Sharma

New Delhi , Sept. 8

Franklin Templeton Investments (India) signed a MoU with State Bank of Patiala (SBP), an associate of State Bank of India (SBI), for the distribution of its products.

Mr Ashok Mukand, CGM of State Bank of Patiala, said, "The signing of this distribution alliance with Franklin Templeton Investments is in keeping with our objective of offering a comprehensive range of financial products to our clients. The bank expects a substantial revenue contribution during the current year from the sale of mutual fund products."

Mr Vivek Kudva, President, Franklin Templeton, said, "Through this alliance, we hope to make our products available to many more retail investors".

SBP was established in 1917 and later became a subsidiary of SBI in 1960. The bank has a network of 763 branches/extension counters and had a total depositor base of Rs 33,700 crore as on March 2006.

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