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Modi Inaugurates ICICI’s First Branch in China

By
SenDhil
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To help Indian and Chinese corporates in cross-border businesses, top private sector lender ICICI Bank today opened its first branch in China, which was inaugurated by Prime Minister Narendra Modi.

  • ICICI Bank has opened its first China based branch in Shanghai.
  • ICICI Bank had first opened its representative office in Shanghai in 2003.
  • In March this year it got the regulatory approval to expand it into a branch.
  • This branch will engage in banking activities permitted under the guidelines of the China Banking Regulatory Commission.
  • The new ICICI Bank branch would begin with 17 banking professionals

New Branch’s Banking Functions :

  • The lender will facilitate international trade between China and other countries,
  • Support Chinese corporates
  • Funding EPC (engineering, production and construction) contractors bidding for infrastructure projects
  • Funding requirements in India.
  • It will also cater to the needs of business expansion projects of Indian joint ventures and subsidiaries of Indian entities in China.
  • It will also handle remittances from China to India.
  • Handling different functions including corporate banking, operations, finance and treasury.

ICICI’s Global Operation :

  • ICICI Bank with presence in 17 countries
  • ICICI International Branches located at :

1. United States, China, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre.

  • ICICI International Subsidiaries :

1. Subsidiary in United Kingdom

2. Subsidiary in Canada

  • International representative offices :
  1. United Arab Emirates,
  2. Bangladesh,
  3. Malaysia and
  4. Indonesia.

Other Indian Banks have branch in China :

  • State Bank of India,
  • UCO Bank,
  • Allahabad Bank

About ICICI :

  • Total Assets : USD 132 billion
  • ICICI Bank is India’s largest private sector bank.
  • Its shares are listed in India on BSE and NSE.
  • Its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).
  • Headquaters : Vadodara , Gurajat
  • CEO & MD : Chanda Kochhar