Indian private sector lender ICICI Bank has opened its first full service branch in Johannesburg, South Africa.
The establishment of a branch in the African continent represents a first for a private sector bank in India. The new subsidiary will initially execute only corporate banking activities, offering financial support to Indian joint ventures and subsidiaries across Africa.
In addition, it will also provide trade finance and short term funding to companies that have trade links with India.
ICICI Bank president Vijay Chandok said: "The opening of this new branch is a testimony to the strengthening trade relations between India and Africa over the last decade.
"We believe that ICICI Bank with its offices across major global centres including Singapore, Hong Kong, Shanghai, Dubai, Bahrain, New York and London is well poised to cater to the banking requirements of Indian corporates having presence in South Africa as well as the African continent, and the South African corporates that share active trade links with India."