The Hindu : Business : Franklin Templeton Investments, South Indian Bank sign MoU

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Thursday, Jul 13, 2006

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Franklin Templeton Investments, South Indian Bank sign MoU

Staff Reporter

Franklin Templeton has over Rs. 21,649 crores of equity assets

KOCHI: Franklin Templeton Investments (India), a mutual fund company, has signed a memorandum of understanding (MoU) for distribution of its products with South Indian Bank. M. Valsan, Chief General Manager of South Indian Bank, and Sandeep Singh, National Sales Head of Franklin Templeton India, exchanged the MoU at a function here on Wednesday.

Mr. Singh said only a small portion of household savings in India was being invested in mutual funds.

The alliance would help the company reach out to retail investors who did not have access to its products, he added.

Franklin Templeton has over Rs. 21,649 crores of equity assets and an investor base of over 18 lakhs, according to him.

It has offices in 33 cities and collection centres in another 45 locations in the country.

Mr. Valsan said the bank was taking yet another step towards offering a holistic financial solution to diverse financial needs of its customers.

Through the sale of mutual funds, the bank expected substantial revenue during the current year. He said the bank would have tie-ups with five mutual fund companies to provide a choice to the customers.

To offer better services to non-resident Indians (NRIs) in the Gulf, the bank had tied up with an exchange company in Dubai and would commence operations soon.

It was also possible for the NRIs to make online remittances and invest in mutual funds in India.

The bank has 451 branches and 44 extension counters spread across 19 States.

It has a deposit base of Rs. 10,000 crores.

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