ICICI Bank opens Frankfurt branch

ICICI Bank UK, a wholly owned subsidiary of ICICI Bank, has opened a branch in Frankfurt. This will give the bank access to the German market.

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

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

This would be a no-frills savings account with withdrawals available on a daily basis and no restrictions on the amount that can be deposited. The customers will be served through a call centre that will be located in Germany.

The bank will also open its New York Branch at the New York Stock Exchange on February 29. 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."

ICICI Bank's presence currently spans across 19 countries, including Germany.

Sonjoy Chatterjee, executive director, corporate and international banking, ICICI Bank. 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."