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PM Modi inaugurated ICICI’s first branch in China at Shanghai

Prime Minister of India Narendra Modi on 16 May 2015 inaugurated the first branch of ICICI Bank in China at Shanghai. The branch was inaugurated in presence of Chanda Kochhar, MD & CEO, ICICI Bank, Senior Chinese and Indian government officials.

The Shanghai Branch received regulatory approval in March 2015 to commence operations and it will begin with 17 well trained banking professionals spread across different functions including corporate banking, operations, finance and treasury.

The Shanghai branch will engage in banking activities permitted under the guidelines of the China Banking Regulatory Commission.

In addition, the Branch will also facilitate:
• International trade between China and other countries
• Support of Chinese Corporate/EPC contractors bidding for infrastructure projects and funding requirements in India
• Business expansion of Indian joint ventures and subsidiaries of Indian entities in China
• Remittances from China to India

In March 2003, the Bank established a representative office in Shanghai to develop strong relationships with Chinese banks and corporate for their India linked banking needs. ICICI Bank has now upgraded its representative office in Shanghai to a branch keeping in mind the rising trade volumes between India and China.

Source: JagranJosh

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