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February - March 2007
ICICI Bank UK PLC Targets High Net Worth ClientsICICI Bank UK PLC held an event in partnership with Indialink Business Forum to introduce their private banking services to a select audience at the Bombay Palace restaurant in central London in early November. Among the attendees were prominent members of London’s Indian community.
ICICI Bank UK PLC is a wholly owned subsidiary of India’s second largest bank, ICICI Bank. As of 20 November 2006, ICICI Bank had a market capitalization of approximately USD 17 billion and is a market leader in retail credit in India.
ICICI bank UK PLC is fully regulated by the FSA. It commenced operations in November 2003 for undertaking both retail and corporate banking activities in the UK. Since then, it has been rapidly expanding its presence in the UK and currently has 5 high street branches in the UK spread across London, Manchester and Leicester.
At a glittering event earlier this year, ICICI Bank UK had launched its Private banking products and services for the high net worth members of the Asian community in the UK.
ICICI Bank UK has used its relationship with ICICI Bank , the largest private sector bank in India, to put together a unique assortment of India-linked offerings for its private banking clients. These offerings cover a wide range of investment opportunities into the Indian equity market, the Indian real estate market and private equity in India.
The bank offers investments in the equity markets through some of the best performing mutual funds in the Indian arena and it offers direct investments in the equity markets through its Portfolio Management services. A bank spokesperson mentioned that most of the Private Equity Funds offered by the bank carry the credibility of reputed fund managers in the Indian Private Equity arena.
The Bank also offers offshore banking facilities at Singapore and trust services in the UK. The global equity offerings and fixed income holdings offered by the bank are among the best in class in their category.
Its FSA registered team of Private Banking relationship managers take time to introduce various products to clients, discuss and gain an understanding of the client’s investment requirements and only then offers products to clients, based on their investment profile.
Recently the bank has launched a selection of Trade Finance products for UK based enterprises. It also provides cross-border loans to joint ventures and wholly owned subsidiaries of Indian companies, thereby allowing them to increase their presence in EU. The bank facilitates Indian companies in procuring trade finance, letters of credit or project finance for their business ventures in the EU.
Among the factors contributing to the success of the bank is its deftly formulated strategy of offering excellent products and services to the Asian community and Indian businesses, and its robust service delivery platform based upon the technological and operational expertise of ICICI Bank in India.