India’s Foremost Technology Bank

February 16th, 2009 by admin | Filed under Daily News, Saving, UK Bank Accounts, UK Banks, World Banks.

Take a look at ICICI Bank UK PLC.

It is a wholly owned subsidiary of ICICI Bank Limited, India’s foremost technology bank, and operates in the U.K offering retail and corporate and investment banking services in the U.K. and Europe.

It has a wide range of products and services, available through its branches in the U.K. (11 locations), Belgium (1) and Germany (1). It also offers comprehensive internet and telephone banking facilities. In the U.K., it is regulated by the Financial Services Authority (FSA).

On 11 February, 2003 it was incorporated in England and Wales as ICICI Bank Ltd, but on 30 October, 2006, changed its status to a pulbic limited company. It’s based in London, having its registered office in Knightsbridge. As to its standing with the credit agencies, at the time of writing, Moodys gives it a long term currency credit rating of Baa1, which is higher than the Indian sovereign rating.

Its parent company, ICICI Bank Limited, is India’s largest private sector bank, enjoying consolidated assets of around US$ 100 billion. In India it has a full range of banking and investment services, offering private equity/venture capital, investment banking, asset management, general insurance and life insurance.

As India’s foremost technology bank, it has embraced fully the concept of telephone and internet banking. It has earnt this reputation mainly through its pioneering work to spread the concept of internet banking throughout India.

It has offices and branches in 18 countries throughout North America, mainland Europe, Hong Kong, the Middle East, South Africa and South Asia, as well as the U.K.

ICICI Bank Limited is rated, at the time of writing, a C- as regards financial strength by Moodys and, in terms of a foreign currency credit rating, a Baa2.

It won a host of awards for its products and services. In 2008 alone it won the ‘Excellence in Remittance Business’ award by The Asian Banker; the World Finance (London) Award for Best Bank for NRI Services Worldwide; the Best Trade Finance Bank in South Asia (India , Pakistan, Bangladesh, Sri Lanka only) – by GTR Readers; the World Finance (London) Award for Excellence in Private Banking Award for APAC Region; and the Finance Asia Country Awards for Achievement.

Also in 2008, Mr K V Kamath, the ICICI Bank Managing Director and Chief Executive Officer, won the UK Trade & Investment Award in recognition of the significant contribution made towards India-UK trade relationships and visionary leadership.
So, as banking becomes ever more global, it does well to have a look beyond what the traditional U.K. based banks offer and look at other banking groups, such as ICICI Bank UK PLC.