Franklin Templeton Investments (India) has signed a Memorandum of Understanding (MOU) with Central Bank of India, a leading public sector bank, for the distribution of its products. Central Bank of India has emerged as a strong, vibrant and proactive Bank with customer-centric approach. The Bank has achieved a total business of Rs.1, 36,265 crore during the year 2006-07 by registering an overall growth of 29%. Bank earned a net profit of Rs.498 crore in last year as against Rs.257 crore of previous year recording a growth of 93.77 %. The Bank has aggressively moved towards the modernization and technology driven initiatives. The Bank has planned for its Initial Public Offer (IPO) and will hit the market shortly.
Ms. Daruwalla added In the Indian financial markets, Mutual Funds are rapidly gaining ground among retail investors due to various advantages such as professional management, diversification, liquidity etc. For us, this tie-up will open up further opportunities to provide our vast client base with a wider choice of products to meet their diverse financial needs and also give a boost to our fee-based income. We will distribute the entire range of Franklin Templeton products through our selected 305 branches across the country.
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