India's ICICI Bank has obtained a clearance from the Reserve Bank of India for setting up a representative office in Dubai, United Arab Emirates (UAE). It plans to target deposits and trade accounts of Non Resident Indians (NRI).
ICICI is currently in the process of filing an application with the local regulating authorities in order to receive a permit to establish the representative office as well as an offshore banking unit at Dubai’s new International Financial Center (DIFC). The bank’s move into the Dubai market is part of a broader strategy aimed at raising the bank’s overseas business share up to 20 percent of its total business, by 2008.
ICICI Bank is India's second-largest bank with total assets of about one trillion Indian rupees and a network of about 540 branches and offices and over 1,000 ATMs. It is listed on the New York Stock Exchange (NYSE). — (menareport.com)
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