ICICI Bank To Open Branches In China And South Africa

ICICI Bank, India’s top private sector bank, will open its branches in China and South Africa. It already has representative offices in these countries and has obtained regulatory approvals to convert them into branches, said ICICI Bank’s managing director and chief executive officer (CEO).

The bank already has branches in many countries like the US, Singapore, Hong Kong, Bahrain, Sri Lanka, Dubai and Qatar. It also has many representative offices in the UAE, Bangladesh, Thailand, Malaysia and Indonesia.

Stating that all foreign operations of the bank are earning profit, Kochhar said, “Our focus is on Indian companies expanding into foreign markets, multinationals from outside coming into India and also the NRIs (non-resident Indians), when it comes to the international banking business.”

The bank’s international presence also consists of subsidiaries in the UK, Russia and Canada. Its wholly owned subsidiary ICICI Bank UK Plc has nine branches in the UK and a branch each in Belgium and Germany.