By IANS
Kolkata : The ICICI Bank, India’s largest private sector bank with assets worth over $88 billion, will open its first branch in Germany to bolster its operations in Europe.
“We will open our first branch in Germany in the next couple of months to expand ICICI’s banking operations in European countries. Currently, we are present in two countries in Europe – Britain and Belgium,” ICICI Bank’s global private banking head Anup Bagchi told reporters here Tuesday.
He said the ICICI Bank now has a presence in 18 countries, including its wholly owned subsidiaries in Britain with branches in Belgium, Canada and Russia. It has offshore banking units in Singapore and Bahrain.
“We are hoping that through Britain we would be able to increase our network in entire Europe. For this our Germany branch, which is going to be opened shortly, will help us in a big way,” said Bagchi.
The ICICI Bank set up an International Banking Group in 2002 to implement a focused strategy for its international banking business. Its private banking division also bagged the award of “Outstanding Regional Private Bank – Asia Pacific” at the 17th Private Banker International Wealth Management Summit this year.
Bagchi said the bank witnessed about 70 percent growth in the private banking space in India over the past three years.