South Asian Footprint

ICICI Bank, India's second-largest bank by assets, commenced business in Sri Lanka Thursday, with an eye on getting a slice of the growing bi-lateral trade and inward remittance market, officials said.





ICICI Bank, India's second-largest bank by assets, commenced business in Sri Lanka Thursday, with an eye on getting a slice of the growing bi-lateral trade and inward remittance market, officials said. Country head for Sri Lanka Naveen K Agarwal said the bank would tap into a growing base of Indian corporate clients and Sri Lankan companies doing business with Indian firms.

Trade between India and Sri Lanka has grown to around US$ 2 billion since a free trade pact was signed in 2000.

Indians residing in Sri Lanka also send back around US$ 100 million each year.

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The bank is also hopes to offer products and services to non-resident Sri Lankans who remit around US$ 1.5 billion each year.

Being India's largest consumer lender, ICICI Bank plans to offer personal debt services like mortgage loans, credit cards and corporate banking services ranging from securitisation to derivative products.

"We are very strong on internet and telephone banking services wherever we go, and hope to rep