ICICI Bank will invest $100 million in its first phase of international banking operations.
The bank is opening subsidiaries in the United Kingdom and Canada; representative offices in China and Dubai and off shore banking unit in Singapore.
The bank already has two representative offices in New York and London. ICICI Bank will be the first private sector bank to have subsidiaries overseas. Currently, Bank of Baroda and Bank of India have subsidiaries overseas.
"We are investing around $100 million in the first phase. We are converting our representative office in UK to a subsidiary. We are investing $50 million for this. We are also opening a subsidiary in Toronto, Canada where the bank will have four branches," said ICICI Bank's joint managing director Lalita D Gupte.
The bank is investing $5-6 million for its Singapore operations and Canadian $25 million for its Canadian operations.
The UK subsidiary will start operations by the end of October while the Canadian operations will be kicked off by the end of the year. The rep offices in Shanghai, China Dubai and United Arab Emirates will start off in October.
"We will be look at a mix of retail and corporate operations in UK. Our initial target will be the non resident Indians staying there," added Gupte.
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