On the last day of his three-day visit to China, the Prime Minister inaugurated the branch in the presence of ICICI Bank's MD and CEO Chanda Kochhar, senior Chinese and Indian government officials and business representatives.

Based in Shanghai, China's biggest city and a major global financial hub, the new branch would begin with 17 banking professionals handling different functions including corporate banking, operations, finance and treasury.

The bank said it has upgraded its representative office in Shanghai to a branch keeping in mind the rising trade volumes between India and China.
With a total consolidated asset base of USD 132 billion, ICICI Bank is India's largest private sector bank. ICICI Bank with presence in 17 countries, earlier had a representative office in China, which it had opened over 10 years ago in 2003.
Some public sector banks including SBI, UCO Bank, Canara Bank and Allahabad Bank have also expanded their presence in China in the recent years to tap growing trade flows between the two countries.

Latest News  from Business News Desk