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ICICI Seeks More China Business With Shanghai Branch

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ICICI Bank Ltd, India's biggest private sector lender by assets, has opened its first branch in China as trade between Asia's two key economies flourishes.
 
ICICI, which is also traded in New York, said the Shanghai branch got regulatory approval in March 2015.
 
The new branch would begin with 17 banking professionals handling different functions including corporate banking, operations, finance and treasury.
 
On the last day of his three-day visit to China, the Prime Minister inaugurated the branch in the presence of ICICI Bank's MD and CEO Chanda Kochhar, senior Chinese and Indian government officials and business representatives.
 
"Our branch in Shanghai will allow us to play a greater role in the growing trade and investment opportunity between India and China. We foresee a heightened amount of bilateral activity taking place between the two countries in the near future," Kochhar said.
 
With a total consolidated asset base of $132 billion, ICICI Bank is India's largest private sector bank.
 
ICICI Bank with presence in 17 countries, earlier had a representative office in China, which it had opened over 10 years ago in 2003.
 
Besides normal banking activities permitted under the guidelines of the China Banking Regulatory Commission, the Shanghai branch would also facilitate international trade between China and other countries and support Chinese firms and contractors bidding for infrastructure projects and funding requirements in India.
 
It will also help in business expansion of Indian joint ventures and subsidiaries of Indian entities in China and on remittances from China to India.
 
Some public sector banks including SBI, UCO Bank, Canara Bank and Allahabad Bank have also expanded their presence in China in the recent years to tap growing trade flows between the two countries.
 
China and India signed 26 business deals worth more than $22 billion in areas including renewable energy, ports, financing and industrial parks, in addition to 24 agreements signed on Friday, an Indian embassy official said on Saturday.
 
(Agencies)