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Thursday, Sep 04, 2003

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ICICI Bank opens Singapore branch

Our Bureau

Mumbai , Sept. 3

ICICI Bank has opened its first overseas branch in Singapore.

As part of its international presence, the private sector bank earlier had only two representative offices in New York and London and an offshore banking unit in Mumbai.

Mr R. Suvek Nambiar has been appointed as the head of the Singapore branch.

According to an official press release from the bank, "Initially, the branch would provide end-to-end solutions to ICICI Bank's Indian corporate clients who have businesses in the Asia-Pacific region. This would enable the bank to increase its participation in India's trade and forex transactions and also serve and expand its client base. Going forward, the branch would assist the bank in diversifying its assets and liabilities base and provide a platform to launch private banking products."

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