ICICI Bank gets US nod to set up branch in New York
Monday, 22 October 2007
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.
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.