Allahabad Bank

Allahabad Bank signs MOU with Peerless  Fund Management

Sep 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”
Allahabad Bank, a dynamic banking institution, carrying long and glorious annals of 148 years, stretched over three centuries. The bank has grown from strength to strength over the years. It is the oldest joint stock Bank in the country and was established in the historic town of Allahabad on 24th April, 1865.The bank was nationalized on 19th July, 1969 along with 13 other banks. The bank is having a base of 27 million customers and a branch network of 2557 branches covering entire India. The bank has registered consistent growth in business & profit during the last 3 years. Allahabad Bank is the fastest growing bank amongst the peer group banks.
Peerless Mutual Fund is the first mutual fund in the eastern region, headquartered in Kolkata. It is constituted as a trust with The Peerless General Finance and Investment Company Limited (PGFI) as the Sponsor and Peerless Trust Management Company Ltd.as the Trustee to the Mutual Fund. Peerless Funds Management Company Ltd., is the Investment Manager of the Fund and is one of the fastest growing AMCs in India aims to create solutions for the ‘retail’ customer and for the entire investing universe.The company has created its own presence in 35 locations to start with focus on Tier II and Tier III locations.
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