ICICI bank opens first branch in China

Monday, 18 May 2015 00:00 - - {{hitsCtrl.values.hits}}

ICICI Bank Ltd, India’s biggest private sector lender by assets, on Saturday opened its first branch in China as trade between Asia’s two key economies flourishes.

ICICI, which is also traded in New York, said the Shanghai branch got regulatory approval in March 2015.

Initially, the branch inaugurated by Indian Prime Minister Narendra Modi during a three-day visit to boost economic ties, will have 17 staff. China and India signed 26 business deals worth more than $ 22 billion in areas including renewable energy, ports, financing and industrial parks, in addition to 24 agreements signed on Friday, an Indian embassy official said on Saturday.

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