India's Ambassador to Russia Kanwal Sibal has inaugurated the corporate office of ICICI Bank Eurasia LLC, the Russian subsidiary of second largest Indian Bank. "The opening of ICICI Bank and its retail branch in Moscow is a strong signal to the Indian business community to seriously start looking at Russia," Sibal said after the inauguration.
Managing Director and CEO ICICI Bank K.V. Kamath said that Russia is one of the fastest emerging economies along with India, China and Brazil (BRIC) and it was very important for his bank to be in the country. "We are here at a right time. In BRIC context Russia will be a star and our being here is very-very important," Kamath said.
Talking to media here Kamath sounded bullish about the prospects for his bank in the Russian market, which is rolling out full banking services to corporates and individuals through its two branches in Moscow and two in the neighbouring Kaluga region. In May 2005 it had acquired a small regional bank with full services and cover in neighbouring Kaluga region to gain a foothold in Russia.
Although State Bank of India and Canara Bank opened their Russian joint venture Commercial Bank of India in 2004, due to its Russian vehicle ICICI bank could immediately jump into lucrative retail banking, as a 100 percent foreign owned bank has to be operational for two years in Russia to start it.
Managing Director and CEO ICICI Bank K.V. Kamath said that Russia is one of the fastest emerging economies along with India, China and Brazil (BRIC) and it was very important for his bank to be in the country. "We are here at a right time. In BRIC context Russia will be a star and our being here is very-very important," Kamath said.
Talking to media here Kamath sounded bullish about the prospects for his bank in the Russian market, which is rolling out full banking services to corporates and individuals through its two branches in Moscow and two in the neighbouring Kaluga region. In May 2005 it had acquired a small regional bank with full services and cover in neighbouring Kaluga region to gain a foothold in Russia.
Although State Bank of India and Canara Bank opened their Russian joint venture Commercial Bank of India in 2004, due to its Russian vehicle ICICI bank could immediately jump into lucrative retail banking, as a 100 percent foreign owned bank has to be operational for two years in Russia to start it.
No comments:
Post a Comment