Innovation is driving ICICI Bank's [Get Quote] success on foreign soil. First Canada and now its the UK. The country's second largest bank has become the first bank in the UK to offer mobile banking services.

"We constantly see how we can be innovative in our initiatives in the newer markets. Mobile banking has also been rolled out in Canada," said Bhargava Dasgupta, head-international banking group, ICICI Bank.

In the UK, the bank is employing the same strategy that helped it gain sizeable business in Canada. It offers almost 25 basis points higher interest on deposits than its peers in the market and yet the cost of funds is lower than the competitors.

ICICI Bank also recently got regulatory approvals for launching private banking operations in the UK and is using the 'passporting rights' accruing from it for doing private banking business in the European Union region.

It has opened an office in Antwerp, the capital of Belgium and also of the world's diamond and jewellery trade.

ICICI Bank has also more than doubled the middle-office staff strength based in India, to support the global operations.

It now has 1,100 employees including for transaction banking, call centre and product development in India, up from nearly 500 employees at the end of March 2005.

Except for marketing, legal and front office, the rest of the support staff is based in India.

Officials involved in client facing and compliance are based in respective geographies, Dasgupta said.