India's second largest
ICICI bank opens branch in New York
ICICI Bank Opens New York Branch
NEW YORK, March 14
/PRNewswire-FirstCall/ -- ICICI Bank Limited (NYSE:
IBN),
India's second largest bank by assets and largest private sector
bank, on February 29th 2008 inaugurated its New York branch in midtown
Manhattan. This is consequent to the bank's approval from the U.S.
regulators to commence operations as a Federal branch in New York
City.
The New York branch, subject to applicable guidelines, will offer
a suite of banking services including working capital, acquisition
finance, trade service and treasury solutions to corporates and
savings products to qualified individuals.
Mr. K. V. Kamath, Managing Director and CEO, ICICI Bank Limited,
said, "India's growth momentum and its trade relationship with
U.S. has reached an inflexion point. ICICI Bank's entry into the
U.S. market provides it
with a great opportunity to service the various opportunities arising
from this paradigm shift."
Mr. Sonjoy Chatterjee, Executive Director, responsible for Corporate
& International Banking, at ICICI Bank Limited said, "The
New York branch completes our strategy to be present across all
major financial centres. Our initial focus will be on corporate
cross border opportunities and the local banking needs of Indians
coming to work in the U.S. This is an
exciting period for the Bank as it pursues its aspiration to be
a truly global bank".
The branch is well positioned to channel investment activities
of Indian companies in the U.S. and vice-versa of U.S. companies
in India. The bank is simultaneously planning to leverage its presence
in New York to significantly ramp up its India based NRI services
to Non-Resident Indians (NRIs) residing in the U.S.
About ICICI Bank Ltd: ICICI Bank Limited (NYSE:IBN) is India's
largest private sector bank and the second largest bank in the country,
with consolidated total assets of about USD 115 billion at December
31, 2007 and a market capitalization in excess of USD 30 billion.
ICICI Bank's subsidiaries include India's leading private sector
insurance companies and among its largest securities brokerage firms,
mutual funds and private equity firms. ICICI Bank's presence currently
spans 19 countries including the U.S.
Except for the historical information contained herein, statements
in this release, which contain words or phrases such as 'will',
'would', etc., and similar expressions or variations of such expressions
may constitute 'forward-looking statements'. These forward-looking
statements involve a number of risks, uncertainties and other factors
that could cause actual
results to differ materially from those suggested by the forward-looking
statements. These risks and uncertainties include, but are not limited
to our ability to obtain statutory and regulatory approvals and
to successfully implement our strategy, future levels of non-performing
loans, our growth and expansion in business, the adequacy of our
allowance for
credit losses, technological implementation and changes, the actual
growth in demand for banking products and services, investment income,
cash flow projections, our exposure to market risks ICICI Bank undertakes
no obligation to update forward-looking statements to reflect events
or circumstances after the date thereof. ICICI Bank and the "I
man" logo are
the trademarks and property of ICICI Bank.
For further information please visit http://www.icicibank.co
SOURCE ICICI Bank Limited
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