ICICI UK opens branch in Frankfurt

Last Updated: Fri, Feb 29, 2008 05:35 hrs

Mumbai: ICICI UK PLC, a wholly owned subsidiary of ICICI Bank, started operations in Germany, by opening its Frankfurt branch.

The branch is a member of the Association of German Banks, said a press release from the bank.

ICICI Bank UK PLC also launched a call money account product “HiZins” with an interest rate of 4.75 per cent. This would be a no-frills savings account with withdrawals available on a daily basis, and no restrictions on the amount that can be deposited. Customers will be served through a call centre that will be located in Germany.

The Frankfurt branch will focus on serving corporate businesses with significant Germany-India linkages and also serve customers Internet and telephone banking, the release said.

ICICI Bank UK PLC is a UK incorporated bank offering retail and corporate and investment banking services in the UK and Europe. ICICI Bank is currently present in 19 countries including Germany.