Friday, May 20, 2005
Friday, May 20, 2005 |
| Business | ||||
|
News:
Front Page |
National |
Tamil Nadu |
Andhra Pradesh |
Karnataka |
Kerala |
New Delhi |
Other States |
International |
Opinion |
Business |
Sport |
Miscellaneous |
Engagements |
Entertainment |
Advts: Classifieds | Employment | Obituary | Business
MUMBAI: As a part of its overseas expansion plans, ICICI Bank has acquired a small Russian banking entity — Investitsionno-Kreditny Bank (IKB) — which will help boost its corporate business and deposit franchise. The bank has registered office in Balabanovo in Kaluga region of Russia and one branch in Moscow, ICICI Bank said in a release here on Thursday. "The deal was signed on Wednesday by ICICI Bank representative in Russia. The bank was established in 1998 and has been operational since then. IKB has an asset base of $4.4 million as on March 31, 2005,'' an ICICI Bank official said. India has a strong trade links with Russia and the acquisition would help propel corporate business,'' he said. "We used the acquisition route to reduce time to access the Russian market. If we were to go through the route of establishing bank, it would have taken a minimum of two years to begin acceptance of deposits,'' the official said. "Any further commitment for additional investment in Russian bank would depend on business prospects and returns,'' the official said. — PTI
Printer friendly
page
News:
Front Page |
National |
Tamil Nadu |
Andhra Pradesh |
Karnataka |
Kerala |
New Delhi |
Other States |
International |
Opinion |
Business |
Sport |
Miscellaneous |
Engagements |
Entertainment |
|
|
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu
|
