India’s ICICI Bank wraps up its operations in SA
The lender has not enjoyed much traction since it launched in the highly competitive local market
12 February 2023 - 17:41
One of India’s biggest banks by assets, ICICI Bank, has ditched its operations in SA, eight years after becoming the first private sector bank from the Asian country to open a branch in Africa.
In January 2016 the bank opened its first full-service branch in Johannesburg, offering banking activities only for corporates. At the time the lender said it would provide financial assistance to Indian joint ventures and subsidiaries across Africa and offer trade finance and short-term funding for companies that did business with India...
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