ICICI bank opens first branch in China

MUMBAI (Reuters) - ICICI Bank Ltd , India's biggest private sector lender by assets, on Saturday opened its first branch in China as trade between Asia's two key economies flourishes.

ICICI , which is also traded in New York, said the Shanghai branch got regulatory approval in March 2015.

Initially, the branch inaugurated by Indian Prime Minister Narendra Modi during a three-day visit to boost economic ties, will have 17 staff.

China and India signed 26 business deals worth more than $22 billion in areas including renewable energy, ports, financing and industrial parks, in addition to 24 agreements signed on Friday, an Indian embassy official said on Saturday.

 

(Reporting by Rajendra Jadhav; Editing by Elaine Hardcastle)