ICICI Bank to attract remittances from Yorkshire

ICICI Bank UK Plc has opened its ninth British branch in Leeds, a large city in Yorkshire.

ICICI Bank UK Plc, a wholly-owned subsidiary of India's largest private sector bank, has opened its ninth British branch in Leeds, a large city in Yorkshire.

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Prominent members of the Leeds business community attended Thursday's launch as Councillor Andrew Carter, Leader of Leeds City Council, inaugurated the branch.

"Leeds is known as a hub for several ethnic communities. Its diversity and multi-cultural community will be attracted especially to our money transfer service, which ultimately results in their families getting more money because of the value we provide," said Deepak Varghese, head of retail banking of ICICI Bank UK PLC.

Simon Hill, Executive Director of Business at Yorkshire Forward, added: "ICICI Bank played a major role in Indian overseas mergers and acquisitions in 2007".

Bringing the bank to the Yorkshire region, he said, will help to "further develop our relationships with India - which we know is one of the fastest growing global economies".

Yorkshire is home to one of Britain's largest population from the Indian subcontinent and played hosts to a 'Bollywood Oscars' award ceremony last year.

With assets of about $115 billion and a market capitalisation in excess of $30 billion, ICICI's presence currently spans 19 countries.