India's second largest bank, ICICI Bank, has announced a partnership with Lloyds TSB as it opened its first overseas office in London on Thursday.
This is the first strategic tie-up of its kind among major banking groups in the United Kingdon and the two banks are currently piloting the India Banking Service at Lloyds TSB's branches in two London suburbs of Wembley and Harrow. Both these suburbs are popular with Indian families.
ICICI said customers would have the opportunity to manage both Lloyds TSB and ICICI Bank current and savings accounts through their local Lloyds TSB branch.
Using the India Banking Service, non-resident Indians and Persons of Indian Origin can transfer funds to an ICICI Bank account in India in an efficient and cost effective manner.
The Rt Honorable Paul Boateng, MP and Chief Secretary to the Treasury in the UK, commented, "I am delighted to welcome ICICI Bank to London and particularly pleased that they have selected the UK as the initial platform for their international expansion.
"As the Indian business community in Britain and our trade links with India continue to grow in commercial importance, I am sure ICICI Bank will have a major part to play."
K V Kamath, ICICI Bank's managing director and chief executive officer, and chairman, ICICI Bank UK, said, "The ICICI Group has played a key role in helping develop India's business community and industrial base since its inception in 1955. Our first banking subsidiary in the UK is a major step in our strategy for transforming ICICI Bank into a global banking organisation, particularly in response to latent and rapidly emerging opportunities."
Lalita Gupte, joint managing director of ICICI Bank and responsible for global banking, said, "We have now created a platform that gives us the capability to capitalise internationally on opportunities in all segments of our business, both retail and wholesale.
"ICICI Bank has opened its first wholly-owned subsidiary in the UK, and we are all set to offer support and services to fulfill the needs of NRIs, PIOs and corporates, with links to India."
Sonjoy Chatterjee, ICICI Bank UK's managing director and chief executive officer added: "We enjoy a very unique relationship with the Asian professional and business community in the UK. The partnership with Lloyds
TSB is a key step towards establishing a multi-channel distribution strategy, which together with our technology banking leadership will help create a strong UK brand. As we progress we will offer a range of products on a global platform at competitive rates and superior levels of service."
With the launch of the London office, ICICI Bank has further increased its international presence. Recently, the bank inaugurated its overseas offshore branch in Singapore and an offshore banking unit at SEEPZ, Mumbai as well as representative offices in Shanghai and Dubai.
The bank also has its representative office in New York and has received approval for opening a wholly owned banking subsidiary in Canada.
