ICICI Offers New Remittance Products

Wednesday, October 11, 2006

Buoyed by the robust performance of its remittances business, private sector banking powerhouse, ICICI Bank plans to launch a slew of innovative products in this segment before the end of this fiscal.

The bank also plans to scale up its presence in the Gulf besides exploring alliance possibilities with overseas banks to boost this business, especially in the emerging markets.

“We have a few innovatively-structured products tailor-made for the remittances market in the pipeline slated for launch before March 2007,” Manish Misra, Head, Remittances, ICICI Bank, told PTI here.

While not revealing the finer details about the proposed products, Misra said the products will be market-specific and possess a plethora of innovative features, which will make the modes of disbursing and accepting funds very easy.

“The new products will focus on end-beneficiaries who do not have an account with us as also on the hitherto unbanked segments,” he informed.

ICICI Bank currently enjoys an over 20 per cent marketshare in the $ 24 billion Indian remittances market.

Source: The Hindu (link opens in a new window)