India’s second-largest bank, ICICI Bank has set up a UK banking

subsidiary offering a range of products targeted at corporations and

high net worth individuals as well as a unique alliance with a major UK

bank.

The bank is pursuing a two-pronged distribution strategy for the mass

retail and local banking services. In a first-of-its-kind partnership

among UK banking groups, ICICI Bank will offer its Indian Banking

Service through selected branches of Lloyds TSB, the fifth largest bank

in the UK. Using this service, non-resident Indians and persons of

Indian origin will be able to transfer funds from their Lloyds current

account to an ICICI account in India.

This alliance with Lloyds provides the UK bank with increased service

capabilities in India, where it has no operational presence, and helps

ICICI to build relationships with the Indian community in the UK.

ICICI is competing for the $3bn annual remittance market to India by

offering increased transparency of fee structures and competitive

foreign exchange rates applied to remittances.

It is also hoping to carve out a niche in the UK banking market by

offering products and services focused on the Asian community.

Meanwhile, the bank, which launched its first office and branch in the

affluent area of Knightsbridge in London, is targeting three commercial

business areas. It is looking to offer commercial banking support for

small and medium corporates in the UK, trade finance in support of the

trade flow between the UK and India, which totals around $7bn, and

corporate finance and syndication.

In the 12 months in which it has had a presence in the UK, the bank has attracted more than $250m in trade transactions.

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