The Indian ICICI bank’s Russian subsidiary is opening a branch in St. Petersburg. Its first project will be lending to the TEK SPB company which is to draw a R195-million loan to upgrade the boiler house in the city’s Primorsky district. The bank is to put a special emphasis on retail banking business in the long term. The brand will offer both standard products, like mortgages and credit cards, and its know how, a program that enables other banks’ clients to hand over their credit card debts to credit cards of ICICI BANK EURASIA, ICICI’s Russian subsidiary.
Source: RBC DAILY, October 8, 2007
