ICICI Bank’s first Chinese branch inaugurated in Shanghai
ICICI Bank’s first branch in China was inaugurated in Shanghai, a major global financial hub. It was inaugurated by Prime Minister Narendra Modi in the presence of ICICI Bank’s MD and CEO Chanda Kochhar.
The new branch will begin its operation with 17 banking professionals handling different functions including finance, operations, corporate banking and treasury. Apart from it, this branch will also play important role in the growing trade and investment opportunity between India and China.
It should be noted that ICICI Bank’s Shanghai Branch had received the formal regulatory approval in March 2015 to commence operations.
Currently ICICI Bank is India’s biggest private sector lender with a total consolidated asset base of US $ 132 billion and has presence in 17 countries. Earlier in 2003, ICICI Bank had opened a representative office in China.