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India : PFMCL inks an MOU With ALLAHABAD BANK
Publish Date : 18-Sep-2012
A memorandum of understanding (MoU) has been inked between the Peerless Funds Management Company Ltd. (PFMCL) and Allahabad Bank. The agreement aims to distribute Peerless Mutual Fund Products through select branches of the public sector bank.
The memorandum holds a great importance for the Peerless MF distribution network as the bank owns a strong network of more than 2500 branches with over 40% in rural and almost 20% in semi-urban India. Peerless MF has a robust presence in tier II, III and IV cities/towns in the country and the MoU will help augment its presence further. Peerless products are aimed to offer long term returns to its customers.
Akshay Gupta, managing director and CEO, Peerless Funds Management Company stated : In our quest for deeper and more inclusive penetration, which will benefit maximum customers with effective capital market solutions, we are privileged and proud to partner with Allahabad Bank. The Bank\'s heritage and pan-India reach will match PFMCL\'s philosophy and objective of attempting to create wealth over the long term for Indians. Capital market products are complimentary in nature to Banking products and Peerless Mutual Fund would like to offer this synergy through the extensive distribution network of Allahabad Bank.
