ICICI Bank gets US nod to set up branch in New York

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NEW YORK, Oct 21 (PTI): The US regulators have given permission to ICICI Bank, the second largest financial lender in India with assets worth over USD 91 billion, to open a branch here.
The branch would engage in wholesale banking business, including trade financing and factoring services to US-based subsidiaries of Indian firms, the US Federal Reserve said.
Mumbai-based bank engages primarily in corporate and retail banking and also has foreign exchange operations. Through its subsidiaries, the bank provides insurance, brokerage, investment banking and asset management services.