In order to capture a share in the German market for online and telephone banking, ICICI Bank UK, a wholly-owned subsidiary of ICICI Bank has opened a branch in the financial centre of Frankfurt.

Chief Executive Kundapur Vaman Kamath said, “Germany, as Europe's largest economy, is an important step in the international expansion strategy of ICICI Bank.”

The new branch, member of the Association of German Banks, will concentrate on serving corporate business groups with substantial Germany-India relationships.

Besides, the bank has also introduced a call money account product, HiZins carrying an interest rate of 4.75%. It is a no-frills savings account with withdrawals available every day and there are no limitations on the amount that can be deposited.

The ICICI Bank will launch its New York Branch at the New York Stock Exchange on February 29.

ICICI Banks is represented in 19 countries, including Germany.

Sonjoy Chatterjee, executive director, corporate and international banking, ICICI Bank said, “After the success of our consumer business in the UK, we are entering the German market with what we believe is a compelling customer savings product.

“We will leverage our corporate advisory and financing capabilities to facilitate Indian investment into Germany and vice versa,” he added.