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Our Bureau

Mumbai , July 17

THE decks have been cleared for ICICI Bank to set up a representative office in Dubai, with the board of Central Bank of UAE approving the proposal.

The representative office will enable the bank to increase its participation in India's trade transactions with UAE and in exploring other commercial possibilities such as loans and joint ventures.

The bank, which currently has a representative office in New York and London, is in the process of setting up an offshore banking unit in Singapore and Mumbai.

It has also received approval from the Peoples Bank of China to set up a representative office in Shanghai.

Apart from these, the bank has applied to local regulators for setting up banking subsidiaries in the UK and Canada.

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