ICICI Bank Limited (NYSE: IBN), India's second largest bank by assets and largest private sector bank, today inaugurated its New York branch in midtown Manhattan. This is consequent to the bank's approval from the U.S. regulators to commence operations as a Federal branch in New York City.
The New York branch, subject to applicable guidelines, will offer a suite of banking services including working capital, acquisition finance, trade service and treasury solutions to corporates and savings products to qualified individuals.
Mr. K. V. Kamath, Managing Director and CEO, ICICI Bank Limited, said, "India's growth momentum and its trade relationship with U.S. has reached an inflexion point. ICICI Bank's entry into the U.S. market provides it with a great opportunity to service the various opportunities arising from this paradigm shift."