As per an agreement between Fidelity International and ICICI Bank, NRIs in the Gulf will have access to Fidelity’s complete range of offshore investment products and services through one of India’s leading banks.

US based Fidelity is an established name in international investment managing assets worth USD 280.7 billion. Fidelity offers investment products to individuals and institutional investors in major markets of the world, and has been functioning in the Middle East for the last 5 years. FIL has a team of 800 professionals covering 95% of the world’s stock markets and have an array of products to suit every requirement.

As India’s second largest bank holding assets worth USD 79 billion, ICICI Bank has been operating in the Gulf for the last 4 years and is registered with the DIFC.

The Centurion Bank of Punjab has also introduced a scheme for the NRI community in the Gulf, called the “SmartRemit – Gulf”. This remittance scheme will ensure speedy remittance of NRI funds through an agreement with the UAE Exchange and Alukkas Exchange.

The NRI remittance scheme would enable its customers to remit funds from any of the branches of these exchanges, with the transfer to the Indian NRE accounts taking just a day. The Centurion Bank of Punjab has plans to extend the service through other exchanges as well in Oman, Bahrain, Kuwait, Qatar and Saudi Arabia.

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