ICICI to set up a branch in DIFC

DUBAI — ICICI Bank Limited, a leading Indian bank announced that it has obtained licence from Dubai Financial Services Authority (DFSA) to open its branch in Dubai International Financial Centre (DIFC).

By A Staff Reproter

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Published: Thu 22 Dec 2005, 9:40 AM

Last updated: Thu 2 Apr 2015, 4:21 PM

The services of the new branch are available to high net worth clients with liquid assets of $ 1 million or more. 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."

International Private Banking arm of ICICI 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. According to ICIC's own estimates there are more than 20,000 Indian millionaires living in the Gulf 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."

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