ICICI Bank Qatar Financial Branch (QFC) Branch license upgraded to Category I

September 26, 2013

Doha: ICICI Bank Ltd, India’s largest private bank, was awarded the Category I (One) license for its QFC Branch in Doha by the Qatar Financial Centre Regulatory Authority (QFCRA).
 
Mr. Vijay Chandok, President, ICICI Bank announced the status of the upgraded branch which has been operating as a Category IV entity since March21, 2007.
 
His Excellency ShriSanjiv Arora, The Indian Ambassador to Qatar, was also present at this occasion and lauded the Bank’s initiatives in the region.
 
Speaking on the occasion, Mr. Vijay Chandok said, "The Category 1 (One) license is another step towards ICICI Bank’s commitment to facilitate the growing trade between India and the GCC (Gulf Cooperation Council) countries, especially Qatar"
 
With the upgraded license, ICICI Bank QFC branch can now accept deposits from and provide credit to business customers per the QFCRA rules. Treasury and Forex related activities are also permissible under the new license.
 
The above services are in addition to the arranging of deals in investment for Private Banking clients which is currently offered under the Category IV license.

About ICICI Bank:ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country, with consolidated total assets of US $ 124 billion at March 31, 2013. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank’s presence currently spans 19 countries, including India.

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