South Africa, Mauritius to Host Branches of India’s ICICI bank

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Written by Makula Dunbar

From Ventures Africa

ICICI Bank, India’s second largest bank by assets and Market capitalization has revealed plans to launch a fully functioning unit in South Africa and Mauritius.

The multinational bank plans to convert its representative office in the Sandton Business District of Johannesburg, South Africa into an operational branch. It intends to do the same for its representative office in China.

ICICI Chief Executive Officer (CEO), Chanda Kochhar said the bank has already received regulatory approval from the Reserve Bank of India – Indian’s Central bank.

According to her, the move is in line with the bank’s decision to expand its international banking business with particular focus on “Indian companies expanding into foreign markets, multinationals from outside coming into India and also the NRIs (non-resident Indians).”

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