India’s Second Largest Bank To Launch South Africa, Mauritius Units

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VENTURES AFRICA – ICICI Bank, India’s second largest bank by assets and Market capitalisation has revealed plans to launch a fully
functioning unit in South Africa and Mauritius.
The multinational bank plans to convert its representative office in the Sandton Business District of Johannesburg, South Africa into an operational branch. It intends to do the same for its representative office in China.

ICICI Chief Executive Officer (CEO), Chanda Kochhar said the bank has already received regulatory approval from the Reserve Bank of India – Indian’s Central bank.
According to her, the move is in line with the bank’s decision to expand its international banking business with particular focus on “Indian companies expanding into foreign markets, multinationals from outside coming into India and also the NRIs (non-resident Indians).”
“Our international business focus is India-linked banking and it would remain India-linked,” she said.
Established in 1994, ICICI is India’s private sector bank with branches and representative offices in different continents across the globe.
The bank also has wholly-owned subsidiaries in Canada and the United Kingdom.