ICICI Bank, India’s second largest bank by assets, plans to open branches in Australia, South Africa and Mauritius as part of its foreign expansion.
The lender is also looking to open a branch in China by upgrading the representative office it already has in the country, ICICI revealed at it’s 19th annual meeting.
Chanda Kochhar, managing director and chief executive of ICICI, said the bank will open 350 new branches in India with 200 of them to be opened in non-banked areas.
She also commented that ICICI had already applied to the Reserve Bank of India for clearance with regards to its foreign expansion plans.
ICICI Bank currently has 10 branches, 3 subsidiaries and 8 representative offices abroad.