ICICI Bank opened branch office in Frankfurt

ICICI Bank branch has been opened in Frankfurt by the ICICI Bank UK, a wholly owned subsidiary of ICICI Bank.

The branch is a member of the Association of German Banks. The branch will mainly focus on serving corporate businesses with significant Germany-India linkages.

ICICI Bank UK also launched a call money account product, HiZins, with an interest rate of 4.75 per cent.

A call money account will be a no-frills savings account with a facility of withdrawals on a daily basis and no restrictions on the amount that can be deposited. The customers will be provided services through a call centre that will be located in Germany.

On February 29 the bank will also be opening its New York Branch at the New York Stock Exchange. G V S Ramesh has been appointed the chief representative of the New York office.

K V Kamath, managing director and CEO, ICICI Bank, said, “Germany is the biggest economy in Europe and marks a critical step in ICICI Bank’s international expansion strategy. We are naturally positioned to service the trade and business needs of companies with linkages between Germany and India.”

Currently ICICI Bank’s presence extends across 19 countries, including Germany.

Sonjoy Chatterjee, ICICI Bank executive director corporate and international banking, said, “After the success of our consumer business in the UK, we are entering the German market with what we believe is a compelling customer savings product.

“We will leverage our corporate advisory and financing capabilities to facilitate Indian investment into Germany and vice versa.”