This paper introduces a new distributed memory allocation technique for applications modeled with Synchronous Dataflow (SDF) graphs. This technique builds on a State-of-the-Art shared memory allocation technique based on a weighted graph, called Memory Exclusion Graph (MEG). A MEG captures the memory reuse opportunities between memory objects that must be allocated before the execution of an SDF graph. The algorithms detailed in this paper enable a single MEG to be split into separate MEGs, each of which is associated with a memory bank accessible only by one core of the architecture. The proposed technique is implemented within a rapid prototyping framework and is evaluated by deploying real computer vision applications on a Multiprocessor System-on-Chip (MPSoC). Results show a systematic performance improvement due to better memory usage, with application speedups ranging from 2% up to 380%.