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HONG KONG, Nov 15 (Reuters): India's ICICI Bank Ltd, a latecomer to the greater China market, prefers cooperative agreements with mainland lenders rather than direct investments, Chief Executive KV Kamath said today.
The lender, India's second-largest, opened its first Hong Kong branch Tuesday and sees great opportunities in greater China, which its executives said is expected to have trade with India of up to $18 billion this year.
The bank has branches in London, Canada and Singapore but before opening the Hong Kong branch had only a representative office in China, to which foreign lenders are flocking to the country's strong economy and $1.7 trillion in personal savings.
"Singapore was probably a better known market for us and we went there first," Kamath said at a media briefing, adding that the bank soon realised Hong Kong was the gateway to North Asia.
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