The Hindu Business Line : ICICI Bank branches in Singapore, China soon

THE decks have been cleared for ICICI Bank to increase its international presence, with the Monetary Authority of Singapore approving the setting up of an offshore branch in that country.

The Singapore branch, which will be ICICI Bank's first offshore branch, will be operational within a few months, according to Ms Lalita Gupte, the bank's Joint Managing Director.

The bank has also received an approval from the People's Bank of China to set up a representative office at Shanghai. The bank currently has representative offices in New York and London.

"We are delighted to receive the approvals in such a short time. Singapore and China are important business destinations for Indian companies and individuals. We aim to utilise our presence in these countries with our technology-leveraged distribution architecture to provide enhanced financial solutions," Ms Gupte added.

Initially, the Singapore branch will aim to provide end-to-end solutions to the bank's Indian corporate clients who have businesses in the Asia-Pacific region. This is expected to enable the bank to increase its participation in India's trade and forex transactions in the region.

The Singapore branch will be assisting the bank in diversifying its assets and liabilities base, apart from tapping opportunities in structured finance and setting up a satellite treasury desk. Mr R. Suvek Nambiar, the bank's Deputy General Manager, has been appointed Country Head for its Singapore operations.

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