India’s ICICI Bank to foray into Germany next week

February 22nd, 2008 - 8:32 pm ICT by admin  

Frankfurt, Feb 22 (DPA) ICICI Bank of India is set to open for business in Frankfurt, the German financial capital, next week, the institution’s chief executive, Kundapur Vaman Kamath, said in an interview published Friday. He said previous plans to commence operations last November had been held up by negotiations with German regulators.

“Germany is the right jumping-off point to seek out alliances, partnerships and opportunities in Europe,” he said, according to the German text printed in the newspaper Frankfurter Allgemeine Zeitung.

He said ICICI would offer online retail and business banking to German residents starting Thursday next week, offering savers higher rates of interest than its competitors.

Kamath said this was possible because the bank would save costs by managing all its electronic operations from India, not Germany.

It also expected to serve business customers active in rising German-Indian trade.

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