ICICI Bank expands
network in Britain, Canada
Mumbai, July 14, 2005
IANS
ICICI Bank, India's largest private sector bank,Thursday
announced the expansion of branch networks in Britain
and Canada as part of a strategy to beef up its overseas
presence.
The bank has unveiled its second branch in Leicester
in Britain and fourth branch in Toronto, Canada, said
a company statement issued here.
ICICI Bank's business development within Britain
and Canada will be aided by the group's standing among
the Asian community and among Indian corporations
and multinationals, added the statement.
The new branches will offer both retail and corporate
banking activities. ICICI Bank UK Limited set up its
first branch in Knightsbridge, London, in November
2003.
As a fully owned subsidiary, ICICI Bank UK offers
local banking products and services such as savings
and current accounts, term deposits, credit facilities,
loans against term deposits and corporate banking
solutions.
ICICI Bank UK also has a strategic alliance with
Lloyds TSB for offering a host of India linked banking
services such as India mortgages, remittances, NRI
Savings accounts and other NRI deposit products.
ICICI Bank Canada is a full service bank providing
retail and commercial banking, trade finance and remittance
products, especially for the Indian and Sri Lankan
diaspora.
"We are in a unique position to become the preferred
provider of financial services for the NRI community
in both the countries," said Bhargav Dasgupta,
head (international banking group) of ICICI Bank.
ICICI Bank's international presence spans 10 countries
and includes three wholly owned subsidiaries in Britain,
Russia and Canada.
It has branches in Singapore and Bahrain and representative
offices in the US, China, United Arab Emirates, Bangladesh
and South Africa.