ICICI Bank enters Johannesburg

ICICI Bank has opened its first full service branch at Sandton in Johannesburg. It is India’s first private sector bank to open a branch in the African continent. To begin with, the branch will undertake banking activities only for corporates. It will provide financial assistance to Indian joint ventures and subsidiaries across Africa, offer trade finance and short-term funding for companies having trade links with India. The Johannesburg branch is an authorised financial services provider in South Africa, the bank said in a statementInaugurating the branch, Vijay Chandok, President, ICICI Bank, said: “…The opening of the branch is a testimony to the strengthening trade relations between India and Africa.”