India's ICICI Bank Doing Well in Europe (IBN)

| About: ICICI Bank (IBN)
This article is now exclusive for PRO subscribers.

MoneyControl reports that ICICI Bank (NYSE: IBN) continues to grow in Europe and specifically England. The bank, which recently entered continental Europe with the opening of a branch in Antwerp, Belgium, continues to grow its asset base in the developed markets.

According to Sonjoy Chatterjee , MD and CEO, ICICI Bank UK:

We decided to set up our direct banking in August last year. Today we are acquiring more than 5,000 customers a month and adding on an average customer balance of USD 25,000 and a large portion of this is Anglo Saxons, who’ve given us the confidence that we have been accepted as a local British bank.

The bank has garnered USD one billion from UK citizens in FY06, and hopes to up this to USD three billion by the end of this year.

ICICI Bank has pulled back recently, along with sharp downturn in the Indian markets. The increase in the interest rate has also contributed to the sell-off.