Date:31/07/2004 URL: http://www.thehindubusinessline.com/2004/07/31/stories/2004073101801500.htm

Back State Bank of Indore to distribute Franklin Templeton schemes

Our Bureau

Mumbai , July 30

FRANKLIN Templeton Investments (India) has signed a Memorandum of Understanding with State Bank of Indore, for distribution of its schemes. Under the agreement, State Bank of Indore, a subsidiary of State Bank of India, will distribute the entire range of Franklin Templeton schemes through its branches, said a company press release.

Speaking on the occasion, Mr T.S. Bhattacharya, MD, State Bank of Indore, said, "This is the first time that we have initiated such a tie-up outside the State Bank of India (SBI) group for distribution of MF schemes. . Our agreement with Franklin Templeton is the first such step in the mutual fund arena and we are excited about the prospects of this initiative."

Talking about the tie-up, Mr Ravi Mehrotra, President, Franklin Templeton India, said, "This relationship which we are establishing with State Bank of Indore is the first ever within the SBI group. Initially the alliance will cover 33 cities and will be rolled out to at least 100 locations in a phased manner. Overall, this alliance will help us in enhancing the accessibility of our products across the country."