With a focus to market its products and services to mid-level NRI entrepreneurs, ICICI India’s largest private sector bank will open a host of offices in select US cities with potential of about $ 5 billion. Besides New York, the bank is looking forward to open offices in California, New Jeresy, Texas and Ilinois, home to a large number of Indian professionals and businessmen. ICICI Bank Executive Director Sonjoy Chatterjee told that as they will grow their business, they will need additional offices in select cities in these States for marketing products and services offered by the New York branch.
The strategy is in line with the banks intention to position itself as a community bank for the Indians abroad. The bank will also offer technology-based services platform to focus on the mid-level Indian entrepreneurs. He further said that there are around 2,00,000 businesses in the US owned by people of Indian origin and they plan to offer a technology-based services platform including trade and remittance products, especially where there are cross border linkages. The businesses are in several industry clusters like information technology, healthcare, professional service, retailing and manufacturing