Major Indian Bank Gains Licence To Offer HNWI Services From Dubai

by Carla Johnson, Investors Offshore.com

03 January 2006

ICICI Bank Limited, India’s second largest Bank, has enhanced its presence in the Gulf region by setting up a branch in the Dubai International Financial Centre (DIFC), from where it plans to expand the services offered to high-net-worth individuals and Non-Resident-Indians (NRIs).

"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," commented Mr. K V Kamath, Managing Director and CEO, ICICI Bank, who noted that with 53,000 millionaires, the United Arab Emirates offered a potentially lucrative market place for the bank.

“India and Indians are a very important market to the DIFC," stated Dr Omar Bin Sulaiman, Director General, DIFC Authority.

He continued: "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.”

ICICI Bank's International Private Banking division 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 a 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.

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