ICICI opens first offshore branch in Singapore

ICICI Bank Ltd on Wednesday opened its first overseas offshore branch in Singapore. This branch would leverage the significant strengths of ICICI Bank and provide India's second largest bank a strategic presence in the Asia Pacific region, ICICI Bank joint managing director Lalita Gupte said in a release.

It would also provide access to international markets and encompass business activities including syndications, trade finance, treasury operations and private banking, she said adding, R Suvek Nambiar would head this branch.

Initially, this branch would provide end-to-end solutions to ICICI Bank's Indian clients who have businesses in Asia- Pacific region. Going forward, the branch would assist the bank in diversifying its assets and liabilities base and provide a platform to launch private banking products, she said.