India's No. 2 bank now a major international players
August 17, 2006
Mumbai: India-based ICICI Bank Ltd. has reached the $10 billion mark in its international business division.
The dollar volume of the bank’s international businesses is now close to being 20% of its domestic balance sheet. The Indian bank attributed the growth to corporate overseas business and NRI remittances.
ICICI introduced its remittances — the market size of which is about $25 billion — push four years ago. ICICI accounts for 20% of the whole market.
Retail banking accounts for 40% of the banks international business and corporate is the rest. ICICI Banks has 470 branches and 1,800 ATMs across India. It is currently India's No.2 bank by deposits volume.
******