ICICI Bank opens its first full service branch in South Africa

ICICI Bank has inaugurated its first full service branch at Sandton at Johannesburg in South Africa. It is the first Indian private sector bank to open a branch in the African continent. The Johannesburg branch is an authorized financial services provider in South Africa licensed by the South African Reserve Bank.

To begin with, the Johannesburg branch will undertake banking activities only for corporates. It will provide financial assistance to Indian joint ventures and subsidiaries across Africa, offer trade finance and short term funding for companies having trade links with India.

ICICI Bank had consolidated total assets of $132.17 billion at March 31, 2015. The bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank’s presence currently spans 17 countries, including India.