Franklin Templeton Investments (India), one of the largest fund houses in the country has signed an agreement with State Bank of India, the largest public sector bank, for the distribution of its products.
Vivek Kudva, President, Franklin Templeton India and SK Mishra, General Manager, Marketing & Cross Selling Department, State Bank of India, exchanged the agreement.
Speaking on the occasion, SK Mishra, General Manager - Marketing & Cross Selling Department, State Bank of India said, "State Bank of India (SBI) is India's largest commercial bank. SBI has a vast domestic network of over 9500 branches (approximately 14% of all bank branches) in India and abroad and commands one-fifth of deposits and loans of all scheduled commercial banks in India."
He adds "today, SBI has spread its arms around the world and has a network of branches spanning all time zones."
He further says "In the Indian financial markets, Mutual Funds are rapidly gaining ground among retail investors due to various advantages such as professional management, diversification, liquidity etc. For us, this tie-up will open up further opportunities to provide our vast client base with a wider choice of products to meet their diverse financial needs and also give a boost to our fee-based income. We will distribute the entire range of Franklin Templeton products through our identified branches across the country."
Expressing his views on the alliance, Vivek Kudva, President, Franklin Templeton India said, "At Franklin Templeton, we have always believed that the banking channel, especially public sector banks, have a key role in spreading the mutual fund concept across the country, into smaller centers and overseas, which are not covered by the existing distribution networks. This tie-up with an established bank such as State Bank of India is an important step in that direction, and will help us in enhancing the accessibility of our products."