NEW DELHI: ICICI Bank, country’s second largest lender, today said it would set up a branch in New York in the next few weeks.
“We already have got approval from the US regulator, it will come up in few weeks,” ICICI Bank Chief Executive Officer KV Kamath said.
The branch would engage in wholesale banking business, including trade financing and factoring services to US-based subsidiaries of Indian firms.
The Mumbai-based bank got the approval from the US Federal Reserve for setting up a branch in the city last month.
Currently, the bank has representative office in New York and operates non-banking activities. Besides, it also has centres in Canada, the UK, Bahrain, Russia and Sri Lanka.
When asked about interest rates, Kamath said at the moment, liquidity is strong in the system.
He however refused to comment on whether there was a downward pressure on the interest rates.
Admitting that there is some declaration in the credit off take in the first half of the current fiscal, he said, as compared to last fiscal, there has been some slow down for some banks.
“Since GDP is strong, let’s see how it (credit-off take) goes for the rest of the year,” he said.
As far as ICICI Bank is concerned, so far, the private lender has met internal targets, he said, adding that the advances would be as per the target.
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