India's ICICI bank launches financial centre in Germany

Friday, 29 February 2008, 14:38 Hrs   |    1 Comments
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Frankfurt: India's ICICI Bank launched its German operations on Thursday by opening a branch in the financial centre of Frankfurt.

ICICI said it aimed to attract high-value private clients through its investment instruments, as well as become involved in financing trade between India and Germany.

"Germany, as Europe's largest economy, is an important step in the international expansion strategy of ICICI Bank," Chief Executive K.V. Kamath said in Frankfurt, according to a release from the bank.

ICICI Bank, India's second largest bank by assets, is represented in 19 countries.

Its launch in Germany, originally intended for November last year, was delayed by negotiations with the German financial supervisory authorities.

According to its website, ICICI has subsidiaries in Britain, Russia and Canada, as well as branches in the US, Belgium, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai.

It has representative offices in the United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia.

ICICI Bank is listed in India on the Bombay Stock Exchange and the National Stock Exchange and its American depositary receipts (ADRs) are listed on the New York Stock Exchange.
Source: IANS
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