ICICI Bank to shut couple of branches in UK

ICICI Bank, the largest private sector lender in the country is planning to shut two of its branches in UK, following the bank’s decision to repatriate $100 million capital from its wholly-owned subsidiary ICICI Bank UK Plc. At present, the subsidiary has 11 branches in the UK, and a branch each in Belgium and Germany.

These two branches, located in Coventry and Slough, were originally opened as satellite offices of the main branches in Southall and Birmingham. The private lender will remap the customers of these two branches to the main branches. ICICI Bank UK’s total assets were $3.59 billion at the end of March 2013, compared to $3.98 billion at the end of December 2012.