ICICI Bank opens in Russia

ICICI Bank Limited, India’s second largest Bank, has announced the inauguration of the corporate office of its subsidiary, ICICI Bank Eurasia LLC and a new branch in Moscow, Russia. With more than 15 million satisfied customers in India, the Bank brings with it over 50 years of financial services experience through its subsidiary, ICICI Bank Eurasia LLC.

ICICI Bank Eurasia’s Moscow branch will offer a wide range of retail, trade and other corporate banking services. The corporate office and the branch are located at 4, 4th Lesnaya Lane.

Mr. K.V.Kamath, Managing Director & CEO, ICICI Bank, Mrs. Lalita D Gupte, Joint Managing Director, ICICI Bank and Mr. Bhargav Dasgupta, Head - International Banking Group, ICICI Bank, were present at the launch.

ICICI Bank had acquired InvestitsionnoKreditny Bank (IKB) in May 2005. The acquisition is now formalized and IKB would operate as ICICI Bank subsidiary, ICICI Bank Eurasia LLC.

Speaking on the occasion, Mr. K.V.Kamath, Managing Director and CEO, ICICI Bank Limited, said, ”We are delighted to announce the opening of our corporate office and a new branch in Moscow. ICICI Bank has made an impressive progress in the other geographies with subsidiaries in the UK and Canada. Russia is another key-step towards embarking on the next phase of the bank’s international expansion. ICICI Bank is India’s foremost technology bank with a wide array of products and services and we are now happy to extend the same benefits to our Russian consumers.”

Mr. Sanjay Kumar Maheshka, President & CEO, ICICI Bank Eurasia LLC, said, “The Russian subsidiary represents an important platform in ICICI Bank’s strategy of global expansion. It would enable us to capitalize on opportunities to offer a range of products to cater to the corporate and retail segments. We look forward to long-lasting cultural and economical ties between India and Russia.”