ICICI Bank starts German operations

Mumbai, Feb 29 (UNI) ICICI Bank UK PLC, a wholly-owned subsidiary of ICICI Bank Limited, India's largest private bank has entered the German market, with its Frankfurt branch, launched yesterday.

The branch is a member of the Association of German Banks. This offering leverages ICICI Bank's technological capabilities and cost efficiencies to create a superior value proposition and serve customers through internet and telephone banking. It will also focus on serving corporate businesses with significant Germany-India linkages.

Coinciding with the inauguration, ICICI Bank UK PLC has launched a call money account product 'HiZins' with an interest rate of 4.75 per cent.

This would be a no frills savings account with withdrawals available on a daily basis, and no restrictions on the amount that can be deposited. The customers will be served through a call centre that would be located in Germany.

ICICI Bank Managing Director and CEO K V Kamath who was present at the opening function said, Germany was the biggest economy in Europe and marks a critical step in ICICI Bank's international expansion strategy. ''We are naturally positioned to service the trade and business needs of companies with linkages between Germany and India. We are delighted to be here and look forward to growing our business in this market'' he said.

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