The largest private sector lender of the country, ICICI Bank has set up its first retail branch in Singapore. The first account in the branch was opened by India's High Commissioner T. C. A. Raghavan.
The bank now has a complete "Qualified full banking" (QFB) privilege which was given by the Monetary Authority of Singapore in April this year. The only other Indian bank to own a QFB license in Singapore is State Bank of India.
Dr. Raghavan marked the event saying that it acted to "animate the evolution of the Comprehensive Economic Cooperation Agreement" between India and Singapore.
Chanda Kochhar, MD and CEO of ICICI Bank said that the bank had started operations in Singapore seven years back and it continued to be one of the major overseas hubs of the bank.