NEW DELHI: ICICI Bank is looking at services beyond credit needs of overseas corporates with an eye on the fee income possibilities amid rising foreign direct investments (FDI) into the country.
As such, the second largest private sector lender announced a dedicated offering for the segment — Infinite India — an online platform to help offer banking and non-banking services like facilitating incorporation and corporate filings to multinational companies seeking to enter India.
Speaking to reporters, its executive director Vishakha Mulye said factors like aversion to China and a favourable demographics are leading many companies to look at investing in India, leading to an increase in FDIs. “Our strategy will be to do everything which is India and India-linked (with international clients),” she said.
The bank will also get access to the dealer and vendor ecosystem of the company through such a relationship, Mulye said, stressing it is not credit needs alone which it is targeting to serve. The bank now serves about 1,500 MNCs out of an overall market of up to 5,000 companies.
The new gambit of the bank is set to challenge the likes of Citibank, HSBC, Deutsche Bank, Bank of America, Standard Chartered, and JPMorgan for a share of the lucrative MNC business. The bank will also benefit from the challenges foreign banks face after RBI’s recent restrictions on opening of current accounts.