ICICI Bank inaugurated its Kathmandu representative office on Tuesday, marking the foray of an Indian private sector bank in Nepal.
The representative office in the Thapathali business district will work closely with domestic banks in Nepal to promote investment, trade, payments and treasury business between the two countries.
“With this foray, ICICI Bank has expanded its global footprint to 15 countries, including India,” said ICICI Bank in a statement. The bank has appointed Ranjan Kumar Thapa as the Chief Representative for its Nepal operations.
“India and Nepal have significant trade and investment links between them. We believe that ICICI Bank’s on-ground presence through the new representative office coupled with its strong business partnerships with banks in Nepal, will help us further our participation in the economic flows between the two countries,” said Sriram H. Iyer, Head – International Banking Group, ICICI Bank.
In the last quarter of the reporting period, the bank announced a 32% dip in its overseas loan book as it focused more on the domestic market.
Over the last few years, it has consolidated its overseas presence and has also repatriated money from some international subsidiaries. It was present in 19 countries in 2015.