Franklin Templeton Investments (India), one of the largest fund houses* in the country has signed an agreement with Bank of Baroda, one of the leading public sector banks, for the distribution of its products. Bank of Baroda will offer the entire bouquet of Franklin Templeton Investment products through its branches. Mr. Vivek Kudva, President- Franklin Templeton India and Mr. N. Ramani, General Manager [SME Banking & Wealth Management], Bank of Baroda, exchanged the agreement. | |
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| Speaking on the occasion, Mr. Satish C. Gupta, Executive Director, Bank of Baroda, said, "The tie-up is in line with the bank's twin objectives - providing best-in-class solutions to our large & growing client base, and to enhance the fee-based activities for the bank. Mutual fund products have been gaining acceptance over the last few years, as more and more investors recognize the advantages that professional management brings to their investments. We would be also using our international operations and NRI data base across the world for selling these products. Therefore, our customers will get an opportunity to gain access to the expertise of Franklin Templeton's team of the experienced fund managers. We are hopeful about the prospects of this initiative with Franklin Templeton, who are one of the leaders in the mutual fund industry." |
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| Talking about the tie-up, Mr. Vivek Kudva, President, Franklin Templeton India, said, "At Franklin Templeton, we have always believed that the banking channel has a key role in spreading the mutual fund concept across the country, into smaller centres and overseas, which are not covered by the existing distribution networks. Given the reach of domestic banks and their need to widen product offerings to their customers in a competitive market, it is a win-win situation for both mutual funds and banks. This tie-up with an established bank such as Bank of Baroda is an important step in that direction, and will help us in enhancing the accessibility of our products. Many Indians are realizing the importance of the role personal savings and investments will play in the quality of their retirement and in life, and are looking towards professional managers for investments. The Indian MF industry has a big responsibility in ensuring a smooth transition of this flow of savings from traditional savings avenues to market related products." |
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