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The Prudential Authority (PA) of South Africa has granted ICICI Bank Limited South Africa Branch’s (ICICISA) request for the cancellation of its authorisation to conduct the business of a bank by means of a branch in the Republic of South Africa.
The PA has regarded ICICISA’s authorisation to conduct the business of a bank by means of a branch in the Republic as being cancelled with effect from December 15, 2022, the private sector lender said in an exchange filing.
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The Bank started its first full-service branch in Johannesburg in January 2016. It was the first Indian private sector bank to open a branch in the African continent.
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