Banking and investment needs of affluent private clients and family businesses have changed over a period of time, particularly in the last two decades. Globalisation and technology are the two main catalysts of this change. The UAE being at a pivotal position has taken the centre-stage, not only in providing a conducive business environment but also safe and premier lifestyles. Importantly, UAE as a destination is chosen by HNIs from across the world, making it multi-cultural and multi-ethnic.
Indians, on the other hand, have an uncanny knack for being present across locations in the world and UAE being a next door neighbour has attracted many Indian professionals: salaried and entrepreneurs. ICICI Bank Limited, being the oldest and one of the largest private sector Indian banks has envisaged this transformation and along with other global destinations, established its base in UAE almost two decades ago. Since then, it has served the India investment and banking needs of NRIs and PIOs in UAE. Being an Indian bank, its focus has largely been on Indian products, offerings and services.
From UAE, it caters to individual private banking and corporate clients by offering them Indian rupees and dollar bank deposits, inbound & outbound remittances, Indian mutual funds in INR and dollar share classes, bonds of Indian companies issued in dollar and INR, and a platform which enables clients to trade in Indian stock markets. It also offers loan against deposits, as a liquidity option to its clients. Keeping in mind the long term wealth creation, it offers niche yet regulated solutions like PMS and AIF, investing in best class listed companies in India. In addition, it also offers non-interest bearing VirtU accounts to NRIs in India.
Besides individuals, it also caters to the corporate banking needs of Indian companies based in UAE like , trade facilities, remittances, treasury, other cross-border facilities and hence offers a 360 degree solution to the clients across their individual, family and corporate needs. “With a unified objective of serving the Indian diaspora on their India investment and banking needs, ICICI Bank has made its presence in UAE, Bahrain, African subcontinent, UK and Europe, North America and all-important destinations in the South Asian belt, leaving a true mark of globalisation,” says Vikash Sharma - Regional Head, Middle East & Africa for ICICI Bank Limited.
ICICI Bank Limited (“ICICI Bank”) is a company incorporated in India and regulated by the Reserve Bank of India with its corporate head office in Mumbai, India. The DIFC branch of ICICI Bank Limited (“ICICI DIFC”) is a duly licensed Category 1 Authorized Firm and regulated by the Dubai Financial Services Authority (“DFSA”). ICICI DIFC is authorized to only deal with ‘Professional Clients’ (as defined in the DFSA rule book via section COB 2.3.3).