Allahabad Bank inks MOU with Peerless Mutual Fund

Company Brief

Bangalore, September 17, 2012

Peerless Funds Management Company Limited has signed an MOU with Allahabad Bank today. The alliance focuses on distribution of Peerless Mutual Fund Products through select branches of Allahabad Bank. The MOU holds great significance to the Peerless MF distribution network as the bank has a strong network of over 2500 branches with over 40 % in rural and almost 20% in the semi-urban India.

Peerless MF has a strong presence in tier II, III and IV cities/towns in the country and the tie-up will help augment its presence further. Peerless products are aimed at providing long term returns to its customers.

Announcing the MOU, Mr. Akshay Gupta, Managing Director and Chief Executive officer, Peerless Funds Management Company Limited said, “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”.

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