India’s largest private sector bank, ICICI, has launched its
second retail branch in Singapore.
The new branch will cater to the banking needs
of the customers, including products and services such as money
transfers to India. ICICI’s new call and remit facility will also
allow current account customers to transfer money to pre-registered
beneficiaries in India over the phone.
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BK Iyer, chief executive of ICICI’s Singapore
branches, said, “The launch of our second retail branch reflects
our commitment to growing our footprint in the retail banking space
in Singapore, which is a major hub in ICICI ’s international
network.”
In September 2010, ICICI launched its
first retail
branch in Singapore after being granted the full banking
license with Qualified Full Banking (QFB) privileges by Monetary
Authority of Singapore, in April 2010. The license allowed ICICI to
commence its retail banking operations and permits the
establishment of up to 25 places of business in Singapore.
ICICI opened its first overseas branch in
Singapore in August 2003.
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By GlobalData
