ICCI Bank eyes Mauritius
www.moneycontrol.com reported this morning that India’s largest private sector lender, the ICCI Bank is on the verge of expanding its activities in the African continent, Mauritius and South Africa, as well as Australia. After a hiatus of three years in the aftermath of global financial crisis, India’s largest private sector lender ICICI Bank has stepped up plans to expand its presence in three new geographies including Australia, Mauritius and South Africa (SA). It is likely to apply for branch licenses in all these regions.
The site also says that ICCI finds that it is the right time for an overseas expansion since “domestic credit is not picking up as expected. In those countries, there is potential and the lender can tap opportunities. The bank apparently looks to open branches. However, the subsidiary route remains a viable option at a later stage. While in SA they have a rep office, Australia and Mauritius ventures are fresh inroads.”
After India, South Africa has a significant large Indian population. Moreover, the African continent offers huge opportunity for developments. Many Indian companies are currently seen setting up bases there. Similarly, Indian diaspora is increasing in Australia and Mauritius as well.
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