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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.

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