India's second largest bank opens subsidiary in Moscow

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MOSCOW, February 28 (RIA Novosti) - India's second largest bank, ICICI, announced that it was launching operations in Moscow Tuesday.

Managing Director and Chief Executive Officer K. Vaman Kamath said at a presentation ceremony that the Indian bank had purchased Russia's Investitsionny-Kreditny Bank (IKB) in 2005. The deal meant that IKB will now operate as ICI Bank Eurasia, a subsidiary of the Indian bank, Kamath said.

According to the ICICI managing director, the Indian bank's subsidiary will offer a full range of retail and corporate services. It will focus on mortgage lending and card issuance in the retail sector and on trade financing in the corporate segment to facilitate bilateral trade.

Kamath also said the charter capital of the subsidiary bank in Russia had already been raised from $1 million to $16 million and was expected to be augmented by another $25 million before the end of 2006.

Kamath said ICICI Bank, which announced it had total assets of $38.5 billion as of March 31, 2005, was currently operating in 12 countries, including the United Kingdom, the United States, Canada, Russia, China and others. The bank boasts 18 million clients worldwide.

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