ICICI BANK'S FIRST US (NEWYORK)BRANCH

ICICI,India's largest private sector bank which opened a branch Thursday in Frankfurt, Germany, now has presence in 19 countries, including three wholly owned subsidiaries in Britain, Russia and Canada.
It also has an offshore banking unit in Singapore, an advisory branch in Dubai, branches in Bahrain, Sri Lanka, Hong Kong, Belgium, Qatar, Germany and representative offices in China, UAE, Bangladesh, South Africa, Indonesia, Thailand and Malaysia.
ICICI Bank, has opened its first branch in New York,this is ICICI's first US branch. It will manage salary accounts of US employees of large Indian companies like Infosys, Tata Consultancy Services(TCS) and wipro. ICICI bank listed in New York Stock Exchange(NYSE) on Friday.Under the licence granted by regulators here, the bank will initially provide services to corporate customers, but will get into general retail banking after three months only .KV Kamath, managing director and chief executive officer, and Sonjoy Chatterjee, executive director of the bank, announced Friday that the US branch will start operating from Monday
"New York has the deepest pool of capital, and by operating here, we will grow our business," Kamath said.
Mumbai-based ICICI Bank has consolidated total assets of about $115 billion (Rs.4,589.5 billion) as of Dec 31, 2007.
With over 950 branches in India, it is the country's second largest bank after State Bank of India (SBI). SBI already has branches in New York, Chicago and through its subsidiary in California, set up in 1982, six branches in the state including one in Los Angeles.

1 comments:

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