Modi inaugurates ICICI Bank's first branch in China
Prime Minister Narendra Modi on Saturday inaugurated the first branch of India-based ICICI Bank here in China. The bank's branch received regulatory approval in March to commence operations.
In a statement, the bank said it had established a representative office in Shanghai to "develop strong relationships with Chinese banks and corporates for their India-linked banking needs" which has now been upgraded to a full-scale branch. "Our branch in Shanghai will allow us to play a greater role in the growing trade and investment opportunity between India and China," the bank's managing director and CEO Chanda Kochhar said.
The branch will engage in banking activities permitted under the guidelines of the China Banking Regulatory Commission. India's largest private bank said the branch will facilitate international trade between China and other countries, support Chinese corporates and EPC (engineering, production and construction) contractors bidding for infrastructure projects and funding requirements in India.
It will also cater to the needs of business expansion projects of Indian joint ventures and subsidiaries of Indian entities in China. Additionally, it will also handle remittances from China to India. At the inaugural ceremony, Modi was accompanied by Kochhar and senior Chinese and Indian government officials.