ICICI opens office in Johannesburg

Leading private sector bank ICICI Bank has opened an office in South African city of Johannesburg with an aim to capitalise on India's growing ties with African countries.

ICICI will use the Johannesburg office to co-ordinate its trade finance operations in Africa, previously run from India, according to trade officials at the Indian consulate in Durban.

The bank is also seeking permission for opening a representative office in Kenya, they said.

To participate in trade finance transactions, the bank had entered into a formal agreement with a large South African bank.

According to officials, ICICI would also investigate the possibility of applying for a banking licence.

The bank would focus on private banking and trade finance, and would also explore microlending opportunities in the country.

ICICI, which is listed in the New York Stock Exchange, has assets worth about $31 billion and a 30-35 per cent share of the mortgages, asset finance, credit card and personal loans markets in India.