NEW YORK, February 29 /PRNewswire-FirstCall/ -- ICICI Bank Limited(NYSE: IBN), India's second largest bank by assets and largest privatesector bank, today inaugurated its New York branch in midtown Manhattan.This is consequent to the bank's approval from the U.S. regulators tocommence operations as a Federal branch in New York City.
To view the Multimedia News Release, go to:http://www.prnewswire.com/mnr/icicibank/32055/ The New York branch, subject to applicable guidelines, will offer asuite of banking services including working capital, acquisition finance,trade service and treasury solutions to corporates and savings products toqualified 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 reachedan inflexion point. ICICI Bank's entry into the U.S. market provides itwith a great opportunity to service the various opportunities arising fromthis paradigm shift." Mr. Sonjoy Chatterjee, Executive Director, responsible for Corporate &International Banking, at ICICI Bank Limited said, "The New York branchcompletes our strategy to be present across all major financial centres.Our initial focus will be on corporate cross border opportunities and thelocal banking needs of Indians coming to work in the U.S. This is anexciting period for the Bank as it pursues its aspiration to be a trulyglobal bank". The branch is well positioned to channel investment activities ofIndian companies in the U.S. and vice-versa of U.S. companies in India. Thebank is simultaneously planning to leverage its presence in New York tosignificantly ramp up its India based NRI services to Non-Resident Indians(NRIs) residing in the U.S. About ICICI Bank Ltd: ICICI Bank Limited (NYSE:IBN) is India's largestprivate sector bank and the second largest bank in the country, withconsolidated total assets of about USD 115 billion at December 31, 2007 anda market capitalization in excess of USD 30 billion. ICICI Bank'ssubsidiaries include India's leading private sector insurance companies andamong its largest securities brokerage firms, mutual funds and privateequity firms. ICICI Bank's presence currently spans 19 countries includingthe U.S. Except for the historical information contained herein, statements inthis 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 anumber of risks, uncertainties and other factors that could cause actualresults to differ materially from those suggested by the forward-lookingstatements. These risks and uncertainties include, but are not limited toour ability to obtain statutory and regulatory approvals and tosuccessfully implement our strategy, future levels of non-performing loans,our growth and expansion in business, the adequacy of our allowance forcredit losses, technological implementation and changes, the actual growthin demand for banking products and services, investment income, cash flowprojections, our exposure to market risks ICICI Bank undertakes noobligation to update forward-looking statements to reflect events orcircumstances after the date thereof. ICICI Bank and the "I man" logo arethe trademarks and property of ICICI Bank. For further information please visit http://www.icicibank.com
