ICICI Bank is on the verge of completing the first phase of its global plans with the Reserve Bank of India (RBI) giving it permission to set up wholly owned subsidiaries in UK, Canada and an offshore banking unit in Singapore.
The bank is spreading abroad through a quartet of outfits: the business process outsourcing (BPO) entity ICICI oneSource, merchant banking subsidiary I-Sec, information technology subsidiary ICICI Infotech and the global banking division of the bank.
The blueprint for the second phase, which will be drafted in February, will focus on wealth management services, said ICICI Bank
