ICICI Bank, the country’s largest private sector bank, has opened its first branch in China. The bank’s new branch in China marks a significant milestone for its international operations.
In March 2003, the bank established a representative office in Shanghai to develop strong relationships with Chinese banks and corporates for their India linked banking needs. ICICI Bank has now upgraded its representative office in Shanghai to a branch keeping in mind the rising trade volumes between India and China. With this branch, the bank aims to provide greater support to Chinese and Indian corporates in their cross-border business interests.
The Shanghai Branch received regulatory approval in March 2015 to commence operations. The Shanghai branch will engage in banking activities permitted under the guidelines of the China Banking Regulatory Commission.
The bank’s international footprint consists of subsidiaries in United Kingdom and Canada; branches in the US, China, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre; and representative offices in United Arab Emirates, Bangladesh, Malaysia and Indonesia. The Bank's UK subsidiary has established branches in Belgium and Germany.
