(1888PressRelease) March 23, 2011
- Hong Kong - The Hong Kong Branch of ICICI Bank Limited, India's largest private sector bank, today announced the launch of its website in Cantonese language (www.icicibank.hk). With an increasing number of Chinese customers, this website will offer convenience and a wider reach within the Hong Kong banking space for the Bank.
The website will have complete information about the products and services offered by the Hong Kong Branch of the Bank, including personal banking, commercial banking, corporate banking and institutional banking.
ICICI Bank Limited started offering retail deposits and current accounts to retail customers a few months back. The bank has been seeing good activity in its fixed deposit products as local Hong Kong savers/investors continue to explore better returns from long term placement of funds with banks. The Regional Head - Asia, Middle East and Africa and also the Chief Executive, Hong Kong, ICICI Bank Ltd, Mr. Sudhir Dole stated that"On the retail side, while we see a huge supply of products for short term saving in the Hong Kong market, we identified a gap in the market to offer longer tenor savings products, especially after the financial crisis where savers are looking at better long term returns on their savings. "
About ICICI Bank: ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country, with consolidated total assets of over $115 billion at December 31, 2010. ICICI Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's global presence currently spans across 19 countries.
About ICICI Bank Hong Kong Branch: ICICI Bank in Hong Kong was granted a Banking License on October 10, 2005 by the Hong Kong Monetary Authority. The Branch commenced business on November 14, 2005. Its products and services include:
• Providing comprehensive financial solutions to companies both in India and in the Asia-Pacific Region
• Syndicating loans for companies in the Asia - Pacific banking market
• Offering personal banking products and services (term deposits, current accounts and remittance services)
• Providing trade finance and services to support India's trade with Hong Kong / China and other countries in the Asia-Pacific region
• Building treasury operations in Hong Kong that will complement and support ICICI Bank's international operations
• Providing correspondent banking facilities in USD and HKD to banks in Asia
• Acting as reimbursing bank for correspondents
Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. This press release is not an offer or solicitation to any person to avail of any services/products of ICICI Bank and availability of any products and services shall be subject to applicable laws and internal policies of ICICI Bank.