ICICI Bank and Fidelity International announced yesterday that the bank will distribute Fidelity’s range of wealth management products to private clients in the Gulf. Chetan Mehra, regional head, private banking and NRI Services (GCC and Africa) for ICICI Bank said: “This is a major 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.” Mr Mehra added: “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.” ICICI Bank is India's second-largest bank in terms of assets and the largest in market capitalisation. It has been active in the Gulf for four years. The deal includes the full range of Fidelity’s offshore funds.