ICICI's New York branch to focus on wholesale lending
Country's second-largest lender ICICI Bank on Sunday said its branch in New York would focus on wholesale lending in the initial stage, before graduating onto other businesses.
By PTI |
MUMBAI: Country's second-largest lender ICICI Bank on Sunday said its branch in New York would focus on wholesale lending in the initial stage, before graduating onto other businesses.
The bank has received permission from the US Federal Reserve to open a branch in New York, where, hitherto it had a representative office.
The branch will have a team of around 20-25 and the announcement of its Head will be made soon, a top ICICI Bank official said.
After getting approval from the Federal Reserve, the bank now needs to receive an approval from the OCC, another regulatory body.
"Following this, the branch will get operational," ICICI Bank's Joint Managing Director and Chief Financial Officer (CFO) Chanda Kochhar told PTI here today.
Initially, the bank would focus on wholesale lending to Indian companies setting up plants in the US or expanding their operations in that country or indulging in acquisitions, she said.
"We will follow our Indian corporate customers there and provide them with both long-term and working capital," Kochhar said.
With the opening of this branch, ICICI Bank is now present in 18 countries, she said.
The bank has received permission from the US Federal Reserve to open a branch in New York, where, hitherto it had a representative office.
The branch will have a team of around 20-25 and the announcement of its Head will be made soon, a top ICICI Bank official said.
After getting approval from the Federal Reserve, the bank now needs to receive an approval from the OCC, another regulatory body.
"Following this, the branch will get operational," ICICI Bank's Joint Managing Director and Chief Financial Officer (CFO) Chanda Kochhar told PTI here today.
Initially, the bank would focus on wholesale lending to Indian companies setting up plants in the US or expanding their operations in that country or indulging in acquisitions, she said.
ADVERTISEMENT
"We will follow our Indian corporate customers there and provide them with both long-term and working capital," Kochhar said.
With the opening of this branch, ICICI Bank is now present in 18 countries, she said.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
