ICICI Bank To Open Offices In Singapore, China In A Month

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Mumbai, April 10:: ICICI Bank is all set to launch its first off-shore branch in Singapore and another representative office at Shanghai, China, in a month’s time.

The bank has received the necessary approvals from both the monetary authorities of Singapore and China, ICICI Bank announced on Thursday.

ICICI Bank deputy general manager R Suvek Nambiar will be the country-head for its Singapore operations while its deputy general manager Arnab Basu will be the country-head for its China operations.

The Singapore and Shanghai offices will be operational in the coming months, the ICICI Bank said in a press statement.

At present, ICICI Bank has representative offices only in New York, US and UK.

"Singapore and China are important business destinations for Indian companies and individuals... The bank aims to utilise its presence in these geographies," bank’s joint managing director, Lalita Gupte said.

ICICI Bank has also plans to set of branches in UK and Canada.

"We have already got approvals from the Reserve Bank of India (RBI). We are waiting for nods from the respective countries’ monetary authority," said ICICI Bank head (international division) Bhargav Dasgupta.

At the first stage, the Singapore branch would aim to provide end-to-end solutions to ICICI Bank’s Indian corporate clients who have businesses in the Asia-Pacific region.

This would enable the bank to increase its participation in India’s trade and forex transactions with the Asia-Pacific region.

Going forward, the branch would assist in diversifying ICICI Bank’s assets and liabilities base.