Second largest private bank in India, ICICI Bank receives license to set up a branch in Dubai International Financial Centre (DIFC)Press Release21 Dec 2005 01:23 pm
ICICI Bank Limited (“ICICI Bank”), India’s second largest Bank, has enhanced its presence in the region by setting up a branch in Dubai International Financial Centre (DIFC). The license to open a branch was granted by Dubai Financial Services Authority (DFSA). This is in addition to the existing Representative office in the UAE. The services of this branch are available to high net worth clients with liquid assets of US$ 1 million or more.
Mr. K V Kamath Managing Director and CEO, ICICI Bank said, "The UAE itself has more than 53,000 millionaires. We are delighted to set up a branch at DIFC as it will provide the necessary platform to expand the International Private Banking operations in the region.”
Dr Omar Bin Sulaiman, Director General, DIFC Authority, welcoming ICICI Bank Limited said, “India and Indians are a very important market to the DIFC, we are looking forward to welcoming the key players from this market to engage in wholesale financial services in the DIFC. Being based at the DIFC gives them the ideal platform for their global expansion and to reach out into a region with immense liquidity.”
International Private Banking was set up over two years ago to provide private banking solutions to the High Net Worth Non Resident Indian (NRI) population across the world. The business today has presence across the world and has a large multi ethnic client base across geographies. International Private Banking offers its clients a wide range of India linked and international investment opportunities.