Fidelity International’s fund range will now be available to ICICI Bank’s private banking customers in the Gulf.

Fidelity is one of the best-known names in international investment. Present in the Middle East for more than five years, Fidelity International Limited (FIL) and its subsidiary companies serve the major markets of the world by providing investment products and services to individuals and institutional investors outside the US. The FIL Organisation manages a total of $280.7 billion in assets.

ICICI Bank is India's second-largest bank with total assets of Rs3,446.58 billion ($79 billion) at March 31, 2007. ICICI Bank is the most valuable bank in India in terms of market capitalisation and is ranked third amongst all the companies listed on the Indian stock exchanges in terms of free float market capitalisation.

The bank has a network of about 950 branches and 3,300 ATMs in India and presence in 17 countries. ICICI Bank is registered within the DIFC and has been present in the Gulf Region for more than four years.

Under the terms of the agreement, Fidelity’s [entire off-shore fund range] will be available to ICICI Banks clients and customers.

Chetan Mehra, regional head, private banking and NRI Services (GCC and Africa) of ICICI Bank said: “This is a significant announcement. It brings together two of the most well-known and established brands in Financial Services, brands that are prominent in the Gulf, as well as in other international markets.”

“For our clients, being able to offer Fidelity’s fund range is also significant. We are committed to giving our clients the very best choices and being able to offer such an established portfolio of investment products is vital.”

He continued: “Our client base is made up of sophisticated investors who understand the need for diversification in any balanced investment portfolio. With many clients originating from the sub-continent, offering them the Fidelity range gives them more opportunity to diversify their holdings away from India and into complimentary products such as developed market equity funds as well as fixed income.”

Cormac Sheedy, Fidelity director of sales in the Middle East, added: “There is significant brand recognition for both ICICI and Fidelity amongst Non resident Indians based here in the Gulf and our distribution agreement will benefit greatly from the power of these two brands in this growing and vital sector. Fidelity brings unparalleled investment expertise to the relationship, with over 800 investment professionals covering over 95 per cent of the world’s stock markets we are well placed to ensure that ICICI Bank clients can access investment opportunities in which ever asset class they seek.”-TradeArabia News Service