News: ICICI Bank boosting UAE presence

(BL 23/03/2007) Dubai - ICICI Bank is keen on starting commercial banking operations in the UAE as it builds its presence in the Gulf. With non-resident Indians (NRIs) sending home some $6 billion annually in remittances from the GCC, the region is attractive to Indian banks.

"The Middle East is an area where so much is happening. We want to participate in this growth," K V Kamath, Chief Executive Officer, ICICI Bank, was quoted as saying in Gulf News. Kamath said India received $25 billion in remittances last year and they are growing 25 per cent annually.

In Bahrain, ICICI conducts full banking operations, which accounts for one-third of the bank's international business (17 per cent of the bank's balance sheet). ICICI Bank manages $2.5 billion in private NRI wealth originating from the GCC.

In Dubai, ICICI has an advisory office at the Dubai International Financial Centre (DIFC). The bank employs 60 people at the DIFC office, which offers wealth management services to clients with more than $1 million in liquid assets.

A representative office is being opened in Abu Dhabi to serve a growing customer base, Kamath said.

This week, Qatar Financial Centre Regulatory Authority granted authorisation to the ICICI Bank, to carry out regulated activities in the Qatar Financial Centre.