ICICI Bank opens its first branch in South Africa
January 20, 2016
- First Indian private sector bank to have a branch in Africa
Mumbai: ICICI Bank Ltd. (ICICI Bank) inaugurated its first full service branch at Sandton in Johannesburg. It is the first Indian private sector bank to open a branch in the African continent. ICICI Bank Ltd, Johannesburg branch is an authorised financial services provider (FSP23193) in South Africa licensed by the South African Reserve Bank.
Inaugurating the branch, Mr. Vijay Chandok, President, ICICI Bank said, “We are delighted to announce the opening of ICICI Bank's first branch in South Africa. 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.”
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.
The branch address is as below:
ICICI Bank Ltd., South Africa Branch
3rd Floor, West Building, Sandown Mews,
88, Stella Street, Sandton, 2196
Landline: +27 11 6767800
About ICICI Bank Ltd: ICICI Bank Ltd (NYSE:IBN) had consolidated total assets of US $ 132.17 billion at March 31, 2015. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 17 countries, including India.
Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.
For media queries, write to us at: email@example.com