India bank opens branch in Joburg
Mumbai based ICICI Bank has announced that it has opened a service branch in Sandton, Johannesburg, following a license agreement with the South African Reserve Bank.
It claims to be the first Indian private sector bank to open a branch on the African continent.
ICICI Bank said it is India’s largest private sector bank with total assets of Rs. 6,461.29 billion (US$103 billion) at March 31, 2015 and profit after tax Rs. 111.75 billion (US$1,788 million) for the year ended March 31, 2015.
ICICI Bank currently has a network of 4,070 Branches and 13,437 ATMs across India, while its global presence spans 17 countries.
The new Joburg branch will initially only service corporates, providing financial assistance to Indian joint ventures and subsidiaries across Africa, and offering trade finance and short term funding for companies having trade links with India.
Vijay Chandok, president, ICICI Bank said: “The opening of this new branch is a testimony to the strengthening trade relations between India and Africa over the last decade.
“We believe that ICICI Bank with its offices across major global centres including Singapore, Hong Kong, Shanghai, Dubai, Bahrain, New York and London is well poised to cater to the banking requirements of Indian corporates having presence in South Africa as well as the African continent, and the South African corporates that share active trade links with India.”
India is South Africa’s fifth largest trading partner, behind China, the US, Japan and Germany. It accounts for approximately 7% of all trade between the two countries.
More on banking in SA
Here are your banking fees for 2016
Loading ...