The ICICI Bank has won the 'Excellence in Remittance Business 2007' award in The Asian Banker Excellence in Retail Financial Services programme, for the bank’s outstanding performance in its remittance business in 2007.
The bank, which retained the award for the second year in a row, was honoured at The Asian Banker Excellence in Retail Financial Services 2007 Awards ceremony on May 16, 2008.
The ceremony, attended by senior bankers from across the Asia Pacific, the Gulf region and Central Asia, was held in conjunction with the region’s most prestigious retail banking event, the Excellence in Retail Financial Services Convention.
ICICI Bank has maintained exemplary growth and seen substantial increase in remittance customers domestically and internationally. It also stood out amidst intense competition with over a quarter of local market share.
The bank’s instant online remittance fee product has become the single largest channel in its key UK and Canadian markets and has exceeded contributions from its biggest branches three months after the launch. Significantly, ICICI Bank has also opened a new instant call-in remittance service, expanding fee and cross-selling opportunities.
The awards programme, administered by The Asian Banker and refereed by prominent bankers, consultants and academics from around the world, is the most prestigious award of its kind.
"This year over 150 banks and financial institutions in 23 countries across the Asian region were evaluated as part of the Excellence in Retail Financial Services programme," said Mr Phillip Strause, chairman of the Excellence in Retail Financial Services programme and an International Resource Director for The Asian Banker.
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Beijing and Shanghai as well as representatives in London, New York and San Francisco.