ICICI Bank to open branches in China, South Africa this financial year

Private sector lender ICICI Bank is planning to open full-fledged branches in China and South Africa in the 2014-15 financial year. Chanda KochharThe Mumbai headquartered lender has representative offices in these two nations and recently it has got the required regulatory approvals to convert these representative offices into full fledged branches.

At present, ICICI Bank has branches several countries including Hong Kong, Singapore, United States of America, Bahrain, Dubai and Qatar among others, while it also has got representative offices in the UAE, Bangladesh, Thailand, Malaysia and Indonesia.

Chanda Kochhar, Managing Director (MD) and CEO of the bank, recently said that currently all foreign operations of the bank are profitable and the focus of the bank is on Indian companies expanding into foreign markets, multinationals from outside coming into India and also the NRIs, when it comes to the international banking business.

At present, the Bank has a network of 3,539 branches and 11,162 ATMs in India, and has a presence in 19 countries.

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