ICICI US Branch to offer wholesale banking services and NRI services

ICICI Bank has announced that they would be using their US branch in the New York to provide wholesale banking services and NRI services.

The company has just received permissions to open a branch in New York. They already have a presence in other major business cities including London, Hong Kong and Singapore.

ICICI Bank joint managing director Chanda Kochhar said in a statement on their plans: “Indian companies are acquiring companies in the US. They are also setting up units and expanding their activities in the country. We will offer them all kinds of financing like term loans, trade finance, and working capital.”

ICICI Bank executive director Sonjoy Chatterjee added: “We will do high-end retail banking and tap the mass affluent segment with a $1,00,000 cut-off. We are already in the remittance space. We will also get active in the US M&A space. We have a good presence in this space in the UK and Europe.”

ICICI is one of the largest banking networks in India.