ICICI Bank to set up shop in the Big Apple

New York: ICICI Bank has received US regulatory asset to open a brand in New York. ICICI Bank is the second largest financial lender in India, with assets totalling over $91 billion.

The approval will see the Indian ICICI Brand set up shop in the Big Apple, primarily in the wholesale banking business, including trade finance, and factoring services to US-based subsidiaries of Indian companies, according to a press release by the US Federal Reserve on its website.

According to the US Fed''s release, the bank has policies and procedures complying with Indian laws and regulations and the Reserve Bank of India (RBIs) guidelines with respect to anti-money laundering efforts in the post 9-11 scenario. The Fed also says that ICICI bank has also taken additional steps on its own to combat money laundering and other illicit activities.

The Fed says ICICI bank''s application met the requirements of International Banking Act and RBI also supervises it. The regulators have found the ICICI Bank''s risk management standards in line with those established by the Basel Capital Accord, and its capital in excess of the minimum levels that would be required by the accord.

At present, ICICI bank has a representative office in New York, and operates non-banking activities, besides having centres in Canada, the UK, Bahrain, Russia and Sri Lanka.