In a bid to expand its global footprint, India’s second-largest lender, ICICI Bank plans to open a full-fledged branch in Mauritius.
ICICI Bank is planning to set up an office in the country, a senior official of the Finance Ministry told PTI.
No decision has been taken and it is at very preliminary stages, the official said.
Currently, the bank operates a wholly-owned asset management subsidiary called ICICI International Ltd in Mauritius.
It also has a jointly-controlled asset management firm TCW/ICICI Investment Partners LLC, wherein the bank holds 50 per cent stake.
ICICI Bank, which is operating in 18 countries all over the world, has a network of 2,044 branches and about 5,546 ATMs in India.
The bank currently has subsidiaries in the United Kingdom, Russia and Canada and branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre.
Besides, it has representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia.
The UK subsidiary has also established branches in Belgium and Germany.