The State Bank of India, India’s largest bank, is going to start to sell Fidelity mutual funds through its network of 9,500 branches, according to the Associated Press. The agreement was signed last week by Fidelity’s International’s Indian subsidiary.
Fidelity, which entered India two years ago, said its tie-up with the government-run State Bank of India “provides a trusted platform to reach new investors.”
Currently, the U.S.-based mutual fund giant offers about a dozen mutual funds to India investors. Fidelity Equity Fund is its flagship product and posted a 55% return in the past year. The bank has an estimated 90 million customers.
“We are delighted to partner with State Bank of India to take our products out to a larger number of investors,” said Ashu Suyash, the head of Fidelity Fund Management (India).