ICICI Bank Limited (ICICI Bank), India’s largest private sector bank, has launched its first retail branch in Singapore, setting the stage for its next phase of growth in Singapore.
The retail branch marks a major milestone in the bank’s international presence and complements its seven-year-old operations in Singapore. The retail branch is located in Singapore’s Central Business District - Raffles Quay.
ICICI Bank Limited Singapore Branch was the first overseas branch of ICICI Bank Limited, having been granted a license to transact banking business in Singapore by the Monetary Authority of Singapore (MAS) in August 2003.
In April 2010, ICICI Bank was granted the Full Banking License with Qualified Full Banking (QFB) privileges by MAS. This license allows the bank to commence its retail banking operations by offering fixed deposits in Singapore Dollars and other currencies, current/savings accounts and remittance services to India. The license also permits the bank to establish up to 25 places of business in Singapore.
ICICI Bank’s Managing Director and CEO Chanda Kochhar said: “The launch of our first retail branch here is testament towards our commitment to Singapore, a market which is a major hub in our international network. This will enable us to establish our footprint in the retail banking space in Singapore and help us to play a role in Singapore-India economic ties.”
Kochhar added: “We will focus on the market in Singapore as well as the opportunities it offers as a major international business and financial centre. We expect to see a significant increase in our client base in the region, by capitalising on the strong trade and investment flows between India and ASEAN.”
Other services currently offered by ICICI Bank in Singapore include: Structuring financial solutions for corporates with India linkages; syndicating loans for corporates in the Asia-Pacific region; providing trade services to support India’s growing trade with Singapore and ASEAN; and providing a range of wealth management and deposit offerings to its clients.