India prime minister Narendra Modi on the third and final day of his tour in china, inaugarated the first ICICI branch based in Shanghai, the biggest city and major global financial hubs.
The new branch would begin with 17 banking professionals handlingdifferent functions including corporate banking, operations, finance and treasury. Ths will take the inter border business trade a head as per the critics.
“Our branch in Shanghai will allow us to play a greater role in the growing trade and investment opportunity between India and China.
“We foresee a heightened amount of bilateral activity taking place between the two countries in the near future. With the opening of this branch, ICICIBank is strategicallypoised to take advantage of the increased opportunities,” ICCI MD Chanda Kochhar said.
With a total consolidated asset base of $132 billion, ICICI Bank is India’s largest private sector bank, The Times of India reports.
ICICI Bank’s global footprint consists of subsidiaries in the UK and Canada, branches in the US, China, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre, and representative offices in UAE, Bangladesh, Malaysia and Indonesia. The bank’s UK subsidiary has established branches in Belgium and Germany.
Besides normal banking activities permitted under the guidelines of the China Banking Regulatory Commission, the Shanghai branch would also facilitate international trade between China and other countries and support Chinese firms and contractors bidding for infrastructure projects and funding requirements in India.
It will also help in business expansion of Indian joint ventures and subsidiaries of Indian entities in China and on remittances from China to India.
Some public sector banks including SBI, UCO Bank, Canara Bank and Allahabad Bank have also expanded their presence in China in the recent years to tap growing trade flows between the two countries.