As the trade between Asia’s two key economies flourishes, the India’s biggest private sector lender by assets (ICICI Bank Ltd) opened its first branch in China.
According to ICICI (IBN.N) that is also traded in New York, the Shanghai branch got the regulatory approval in March 2015.
The China branch was inaugurated by the Indian Prime Minister, Mr. Narendra Modi during his three-day visit to boost economic ties. Currently the branch has only a limited staff of 17 employees.
26 business deals were signed between China and India that worth more than $22 billion in numerous areas including ports, renewable energy, financing and industrial parks.
As per Ms. Chanda Kochhar (Managing Director and Chief Executive Officer), ICICI Bank plans to open its other branches in Mauritius, Australia and South Africa.
At the bank’s Annual General Meeting, she said that “Under the bank’s foreign expansion plans, we will open branches in Australia, Mauritius and South Africa. We have sought Reserve Bank of India’s (RBI) clearance and the same is awaited.”
On the domestic front, ICICI is planning to open 350 new branches, out of which 200 branches will be opened in non-banked regions. Further, she adds, that the pace of network expansion will be even more faster in the next three years.
As on March 31, 2013, the bank had 3 subsidiaries, 10 branches and 8 representative offices in several countries overseas.