ICICI Bank enters Belgium
NewKerela: ICICI Bank (NYSE: IBN) has entered the European mainland by opening a branch in Antwerp, Belgium. The Belgian branch is located in the heart of the diamond district in Antwerp and will offer corporate banking products, the bank said in a statement. “ICICI Bank seeks to become a premier diamond financing institution using Antwerp as its hub and supported by a presence across other diamond centers,” Bank CEO Kamath said in the statment.
ICICI Bank continues to enter new market and grow internationally. I believe the entry into Belgium makes it 13 the total number of countries that ICICI Bank operates in. The loan portfolio of the Bank’s international branches (including foreign currency financing to Indian companies) increased to about Rs. 12,500 crore (US$ 2.8 billion) at March 31, 2006 from Rs. 6,200 crore (US$ 1.4 bn) at March 31, 2005.
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