has signed on with a bank distribution partner for its Indian business. The San Mateo, California-based fund firm is already a major player in the Indian market, though the alliance should add to its bank channel distribution in India.
Thursday Franklin Templeton signed a memo of understanding with the Federal Bank
based in Kerala, reported the New Kerala news service
. The Federal Bank is the largest private sector bank in Kerala, according to the news source.
Franklin Templeton has a similar distribution arrangement in place with Catholic Syrian Bank
. Meanwhile, Federal Bank has already made distribution agreement with three other fund firms.
Under the reported terms of the deal, Federal Bank will distribute all of Franklin Templeton's Indian products -- a line that includes mutual funds and insurance -- its network of 456 branches throughout India.
President Ravi Mehrotra
and Federal Bank Chairman and CEO M Venugopalan
told reporters that they are expecting 25 percent to 30 percent annual growth in the business.
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