By NNN-PTI,
Mumbai : India’s largest private sector bank ICICI will open a host of offices in select US cities with a focus to market its products and services to mid-level NRI entrepreneurs, a market with potential of about USD 5 billion.
Besides New York, where the bank has a presence now, it will soon open offices in California, New Jeresy, Texas and Ilinois, home to a large number of Indian professionals and businessmen.
“These five states account for almost 60 per cent of NRIs. As we grow our US business, we will need additional offices in select cities in these States for marketing products and services offered by the New York branch,” ICICI Bank Executive Director Sonjoy Chatterjee told PTI.
The strategy is in line with the banks intention to position itself as a community bank for the Indians abroad.
It will also focus on the mid-level Indian entrepreneurs to whom the bank will offer technology-based services platform.
“There are around 2,00,000 businesses in the US owned by people of Indian origin. We plan to offer a technology-based services platform including trade and remittance products, especially where there are cross border linkages,” he said, adding the business potential in the segment could be around USD 5 billion.
The businesses are in several industry clusters like information technology, healthcare, professional service, retailing and manufacturing.