Fidelity has signed a distribution agreement with Laiki bank to distribute its Luxembourg fund range ...
Fidelity has worked with Laiki Group in Cyprus since 1996. The group currently has a network of 15 branches in Greece and has plans to extend both its branch network and its electronic banking services over the next few years. It aims to have 24 branches by the end of the year.
Fidelity's funds are registered with the local regulator, the Capital Markets Committee.
Sian Parry, director of Fidelity Investments, said: "Laiki Bank has a strong reputation in Greece for providing innovative and high quality products and services. Our funds will be important in providing Greek investors with international diversification.
"Although the Greek stock market was performing well until recently, investors need to realise it makes up only 0.3% of the world equity market as a whole and that diversification is very important. With interest rates having fallen due to preparations to join the EU, investors are increasingly moving out of deposits and into equity investments."
Cyprus-based Laiki Group has an international network of 200 branches and offices worldwide. For the fiscal year of 1999 it was the most profitable Cypriot organisation with profits before taxes amounting to Dr90bn, an annual increase of 230%.
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