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 :
- United Arab Emirates,
- Malaysia and
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