London: ICICI, India's second largest and fastest-growing bank, launched its United Kingdom operations today (Nov 6) with a wholly owned banking subsidiary offering a range of products targeted at corporations and high net worth individuals for business banking and retail requirements.

With its first office and branch located in Knightsbridge, London, ICICI bank UK has formed a partnership with Lloyds TSB plc, one of the leading UK-based financial services groups with 2,200 branches.

Paul Boateng, Member of Parliament (MP) and chief secretary to the treasurer in the UK, the chief guest at the launch said, "I am delighted to welcome ICICI Bank to London and particularly pleased that they have selected the UK as the initial platform for their international expansion.

"As the Indian business community in Britain and our trade links with India continue to grow in commercial importance, I am sure ICICI Bank will have a major part to play," he added.

K V Kamath, ICICI Bank's managing director and chief executive officer, and chairman of ICICI Bank, UK, said, "The ICICI Group has played a key role in helping develop India's business community and industrial base since its inception in 1955.

"Our first banking subsidiary in the UK market is a major step in our strategy for transforming ICICI bank into a global banking organisation, particularly in response to latent and rapidly emerging opportunities," he added.

ICICI has $ 24 billion in total assets.

PTI