ICICI Bank Opens Belgium Branch, Target Diamond Industry

ICICI Bank UK Limited is entering mainland Europe, with the opening of a branch in Belgium. The Belgian branch is located in the heart of the diamond district in Antwerp. ICICI Bank intends to become a leading backer of the local diamond industry.

The entry of ICICI might ease local diamond traders financing, as global industry indebtness is rising, and many are looking to spread their borrowing.

Managing Director and CEO K.V. Kamath said, “We have established a reputation internationally as a bank that seeks to provide the best and most competitive products in every market we operate in. It is with this confidence and spirit that we today launch our services in Belgium. ICICI Bank seeks to become one of the leading diamond financing institutions, using Antwerp as its hub, supported by a presence across other diamond centers.”

Prime Minister Guy Verhofstadt said, “Within just a few years, Asia, and in particular India, has shifted the focus of the world economy towards the East. Some apprehend this as a threat but I prefer to look at it as an opportunity. Today’s establishment of the presence of India’s second largest bank shows that Belgium is successfully adjusting to the new reality. Thanks to appropriate reforms and the resilience of our business community, my country is strengthening its position as a gateway to Europe.

“Foreign investment is a question of profit, trust, legal and fiscal transparency, good infrastructure, quality of labor and not to forget the overall quality of life.”

According to Sonjoy Chatterjee, managing director and CEO, ICICI Bank UK Limited, the bank is emerging as one of the largest foreign investors in UK. “We hope to realize the same potential for Indian investment into Belgium.”

ICICI Bank UK Limited is a locally incorporated UK bank with an asset base in excess of $2 billion. It is a wholly owned subsidiary of ICICI Bank Limited India's second largest bank and largest private sector bank with assets of over $56 billion.

It is has branches in seven countries, including three wholly owned subsidiaries in the UK, Russia and Canada, offshore banking units in Singapore and Bahrain, a branch in Sri Lanka and Hong Kong. In addition, it has representative offices in the U.S., China, UAE, Bangladesh, and South Africa.