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Indian ICICI Bank in Germany
India's biggest bank house ICICI (Industrial Credit and Investment Corporation of India) opened its first branch in Frankfurt at the 28th of February. With an interest rate of 4,75% for a call-money-account they try to get retail banking customers and middle-sized companies.
To open an bank account at ICICI Bank the customers need a giro account at another German bank for references. Only online banking will be possible at ICICI. Therefore one doesn't need any TAN-list, but a so called "grid card". ICICI-CEO Kundapur Vaman Kamath hopes for further alliances and cooperations in Europe after entering the German market. ICICI already has different branches in Great Britain and Canada.