ICICI Bank Joins Hands With Lloyds TSB For British Ops

Mumbai, Nov 6: | Updated: Nov 7 2003, 05:30am hrs
ICICI Bank has forayed into the United Kingdom by setting up a subsidiary with a strategic partnership with Lloyd TSB Plc.

The second largest bank has gained a UK banking license offering a range of products targeted at corporations and high networth individuals for business banking and retail banking.

With its first office branch located at Knightsbridge in London, ICICI Bank (UK) is currently the only locally incorporated banking subsidiary among Indian banks in UK.

Lloyds TSB has 2,200 branches in UK and its partnership with ICICI Bank is the first strategic tie-up of its kind among major banking groups in the UK. The two banks are currently piloting the India Banking Service at Lloyds TSBs branches in Wembley and Harrow. This offers new and existing customers the opportunity to manage both Lloyds Tsb and ICICI Bank current and savings accounts through their local Lloyds TSB branch. Using the Indian Banking Service, non-resident Indians (NRI) and Persons of Indian Origin (PIO) can transfer funds to an ICICI Bank account in India in an efficient and cost effective manner.

Mr Paul Boateng, member of parliament and chief secretary to the treasury in UK stated: As the Indian business community in Britain and our trade links with India continue to grow in commercial importance, I am sure ICICI Bank will have a major part to play.

The UK represents a key platform in ICICI Banks strategy of global expansion and ICICI Banks business development in the UK market will be aided by the groups familiarity among the Asian community and among Indian corporations and multinationals. ICICI Bank, UK, will build on the multi-channel banking franchise established in India through branches, the largest ATM network in India, mobile, telephone and one of the largest internet banking customer base in the world to serve the retail of NRIs/PIO based in UK.