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ICICI Bank opens Offshore Banking Unit in Bahrain
MANAMA - ICICI Bank, India’s second largest bank, will today formally launch its Offshore Banking Unit (OBU) in Bahrain.
High-ranking officials of the Bahrain Monetary Agency (BMA), including the Governor Shaikh Ahmed bin Mohammed Al Khalifa, Indian Ambassador to Bahrain, Bhaskar Kumar Mitra and the Bank’s senior management, including the managing director and chief executive officer K V Kamath, joint managing director Lalita Gupte, and general manager and head of the Bank’s International Banking Group, Bhargav Dasgupta, will be present.
ICICI Bank had recently soft-launched the Bahrain OBU operations, but today it marks the official launching.
With a full suite of OBU products, the Bank aims at consolidating its active presence in the Arab Gulf Cooperation Council (AGCC) states.
Further, the bank is in the process of rolling out various retail banking products for the NRIs (Non Resident Indians) based in Bahrain as part of its licence from the BMA, for NRI banking services.
The bank has already soft launched certain NRI banking activities from its newly furnished premises at Manama Centre, mainly the saving account and the fixed deposits for the NRIs.
Today, ICICI Bank is the market leader in retail finance-India's fastest-growing and most profitable banking segment as according to a report of JP Morgan, the leading analyst firm.
ICICI Bank is probably the only bank of its kind in India with size (in terms of market share and distribution), as well as efficiency (in terms of technology and profitability), the report said.
ICICI Bank Limited in the last few months has also bagged several industry leading rewards. The most significant of these include “Best Bank 2004” award by Business India, the leading business magazine in India and “Most Customer Friendly Bank” by Outlook Money, another leading personal finance publication in India.
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