New Delhi: Franklin Templeton Investments (India), a leading fund house has signed an agreement with State Bank of India, for distributing its products. Mr Vivek Kudva, President, Franklin Templeton India and Mr SK Mishra, General Manager, Marketing and Cross Selling, SBI signed an agreement towards this effect.
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. It has a network of eight banking subsidiaries and several non-banking subsidiaries offering merchant banking services, fund management, factoring services, primary dealership in government securities, credit cards and insurance.
SBI has spread its arms around the world and has a network of branches spanning all time zones. SBI’s International Banking Group also delivers the full range of cross-border finance solutions through its four wings: Domestic division, Foreign Offices division, Foreign Department and International Services division.
According to Mr Gupta, “In Indian financial markets, Mutual Funds are rapidly gaining ground among retail investors due to various advantages such as professional management, diversification, liquidity etc.This tie-up will open up further opportunities that help us cater to investor’s diverse financial needs and give a boost to our fee-based income.”
Expressing his views on the alliance, Mr Vivek Kudva said that , “Given the reach of domestic banks and their need to widen product offerings to their customers in a competitive market, this is a win-win situation for mutual funds and banks. The SBI tie-up will enhance our access substantially. It also places greater responsibility on MF industry to ensure a smooth transition of this flow of savings from traditional savings avenues to market related products.”