ICICI Bank, India's largest private sector bank, announced the launch of its first branch in China. Narendra Modi, Prime Minister of India, inaugurated the branch in Shanghai in the presence of Chanda Kochhar, MD & CEO, ICICI Bank. Senior Chinese and Indian government officials and business representatives were also present at the occasion.
ICICI Bank's new branch in China marks a significant milestone for the Bank's international operations. In March 2003, the Bank established a representative office in Shanghai to develop strong relationships with Chinese banks and corporates for their India linked banking needs. ICICI Bank has now upgraded its representative office in Shanghai to a branch keeping in mind the rising trade volumes between India and China. With this branch, the Bank aims to provide greater support to Chinese and Indian corporates in their cross-border business interests.
Chanda Kochhar, MD & CEO, ICICI Bank said, ''We are happy to announce the opening of our branch in China. Our branch in Shanghai will allow us to play a greater role in the growing trade and investment opportunity between India and China. We foresee a heightened amount of bilateral activity taking place between the two countries in the near future. With the opening of this branch, ICICI Bank is strategically poised to take advantage of the increased opportunities.''
The Shanghai Branch received regulatory approval in March 2015 to commence operations. It will begin with 17 well trained banking professionals spread across different functions including corporate banking, operations, finance and treasury. The branch will facilitate increased interaction with customers, understanding of their requirements and offer products that are suitable for enhancing business relationships. The Shanghai branch will engage in banking activities permitted under the guidelines of the China Banking Regulatory Commission.
Shares of the bank gained Rs 1.25, or 0.4%, to trade at Rs 313.95. The total volume of shares traded was 12,464 at the BSE (9.18 a.m., Monday).