Published on : May 14, 2015
One of the largest private sector banks in India, ICICI is all set to expand its operations in China. As a step taken to expand its Chinese presence, the bank is opening a new branch today in China’s biggest city and one of the major global hubs of financial activity, Shanghai.
Prime Minister Narendra Modi who is currently on a visit to China is likely to inaugurate the ICICI bank branch in Shanghi. The CEO and Managing Director of ICICI bank Chanda Kochhar is also expected to be present at the event.
ICICI Bank at present has its operations spread over 17 countries. The financial institution already has a representative office located in China and now since the bank has been awarded regulatory approvals; it is all set to open its first branch in the world’s biggest democracy, as reported by industry sources.
The representative office for ICICI is also located in China. It was first opened in 2003 by the then chief executive officer K.V. Kamath. Only last week Kamath was named as the first chief of the BRICS Bank, which incidentally is also located in Shanghai.
In the last couple of years, some of the most prominent banks in India such as SBI, Canara Bank, Allahabad Bank, and UCO Bank have also extended their businesses to China. Most of the financial institutions in India are keen on taping the growing trade relations between the two countries.
ICICI is touted as the biggest private sector lender banks of India with a total asset which is worth over US$100 billion or Rs.6.5 lakh crore in Indian currency. The bank recorded a whopping income of Rs90,216 crore and a profit after tax deductions of Rs.12,247 crore, which is approximately US$2 billion in terms of consolidated assets as per reports obtained for the last fiscal which ended on March 31.