ICICI, India's second largest bank, announced last week that it is setting up its first Offshore Banking Unit in the Mumbai Special Economic Zone.
The bank plans to offer a wide variety of financial products to both corporate and individual customers. It is proposing to offer international finance at competitive rates as well as market linked deposits in a variety of currency denominations, amongst a host of other investment instruments. Additionally, the bank will offer foreign currency deposits to Non Resident Indians which will be benchmarked to international bourses.
ICICI commands total assets of about R1 trillion and has an extensive network of 540 branches across the sub-continent. As well as being listed on all major Indian exchanges, the bank's shares are also quoted as ADRs (American Depository Receipts) on the New York Stock Exchange.
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