SBI To Sell Fidelity Mutual Funds

State Bank of India (SBI) will sell Fidelity mutual funds through its network of about 9,500 branches, Fidelity said. "The agreement with the State Bank of India was signed by Fidelity International's Indian subsidiary," Fidelity said in a statement on Thursday.

The US mutual fund company, which entered India in 2005, said its tie-up with the government-run State Bank of India provides a trusted platform to reach new investors. "We are delighted to partner 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). Fidelity currently offers about a dozen mutual funds to Indian investors. Its flagship product, the Fidelity Equity Fund, posted a 55 per cent return in the past year. State Bank of India has an estimated 90 million customers.