ICICI launches global fund in Dubai; ties up with UAE Xchange for travel card
23 Jan 2008
Mumbai: ICICI Bank, the country's largest private sector bank and second biggest lender, today announced the launch of its global fund in Dubai. The fund that focuses on India's infrastructure and real estate sectors would target investors mainly from the Gulf.
The bank also announced a tie-up with the UAE Xchange to promote 'ICICI Bank Travel Card' through the latter's branches in the country.
Investors from the Gulf are keen on investing in the country's infrastructure, which would have a projected fund requirement of nearly $500 billion in the next few years.
The 'IOPM infrastructure and real estate fund', unveiled by ICICI group global private clients, is its first offshore close-ended fund. ICICI Bank is the sole arranger for the fund, which would be available for ICICI Bank global private clients on a private placement basis.
Launching the fund in Dubai, Ashish Kehair, head, products and strategy, global private clients, ICICI Group, said infrastructure and real estate are two of the most promising sectors.
He said the fund would invest directly into listed equity related securities of Indian industries in the infrastructure and real estate sectors.
Meanwhile, announcing the tie-up with UAE Xchange, ICICI Bank's commercial and premium card manager Vinayak Prasad said the bank was targeting a business of $250 million form travel card.
Available in six currencies, including US, Australian and Canadian dollars, Swiss Francs, Euros and Pound Sterling, the 'ICICI Bank Travel Card' offers international traveller the choice of using it directly for shopping at over 27 million merchants and over one million ATMs, the bank said in a release.
UAE Xchange is one of the leading exchange houses in the Middle East, primarily focusing on money transfers and money exchange, and is part of the business conglomerate NMC Group.
