PATIALA: Franklin Templeton Investments (India), one of the largest fund houses* in the country has signed a Memorandum of Understanding (MOU) with State Bank of Patiala, an associate of the State Bank of India, for the distribution of its products.

Vivek Kudva, President- Franklin Templeton India and Ashok Mukand, Chief General Manager of State Bank of Patiala exchanged the MOU. 

Speaking on the occasion, Ashok Mukand, CGM of the State Bank of Patiala said, "The signing of this distribution alliance with Franklin Templeton Investments, which is one of India's leading fund houses, 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."

Talking about the alliance, Vivek Kudva, President, Franklin Templeton, India, 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 State Bank of Patiala, 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".