ICICI Bank opens its first branch in South Africa

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Who : ICICI Bank
What :  Inaugurated its first branch at South Africa
When:January 19,2016

ICICI Bank inaugurated its first full service branch at Sandton in Johannesburg becoming the first Indian private sector bank to open a branch in the African continent.

To begin with, the Johannesburg branch will undertake banking activities only for corporates. It will provide financial assistance to Indian joint ventures and subsidiaries across Africa, offer trade finance and short term funding for companies having trade links with India.

Inaugurating the branch, Vijay Chandok, President, ICICI Bank said, “The opening of this new branch is a testimony to the strengthening trade relations between India and Africa over the last decade. We believe that ICICI Bank with its offices across major global centres including Singapore, Hong Kong, Shanghai, Dubai, Bahrain, New York and London is well poised to cater to the banking requirements of Indian corporates having presence in South Africa as well as the African continent, and the South African corporates that share active trade links with India.”

ICICI Bank’s Johannesburg branch is an authorised financial services provider in South Africa licensed by the South African Reserve Bank, the bank said in a statement.