ICICI Lombard joins hand with US-based UnitedHealth Group

ICICI Lombard Insurance signs pactICICI Lombard, Country's second-largest health insurer, is partnering with US-based UnitedHealth Group, to provide health insurance products to Indian travelers.

Under the agreement, any of ICICI Lombard's 1.6 million policyholders traveling to the US will get access to UnitedHealthcare's preferred provider network as well as medical management and organized resources that align to their health needs.

Global Subprime Crisis Hit ICICI Bank Hard

In the sub prime crisis, ICICI Bank has lost $264 million (Rs 1056 crore) till ICICI BankJan 2008, because of its exposure to credit derivates and investments out of the country.

In a written reply to a query in Parliament, Pawan Kumar Bansal, Minister of state for finance stated that the country’s largest private banking institution had reported the market-to-market (MTM) loss following the sub prime mortgage crisis

The bank also cleared that the investment losses as a result of unfolding global subprime crisis could erase around 9% of this year’s profit.

ICICI Bank Opens Branch In US

ICICI Bank, India's largest private sector bank, has once again taken giant K.V.Kamathstep to boom in the banking sector.

The bank has opened its first branch in the United States at posh midtown New York with the view to provide services to US employees of large Indian companies like Infosys and Tata Consultancy Services there.

Mr. K V Kamath Managing Director and CEO of ICICI bank said, “New York has the deepest pool of capital, and by operating here, we will grow our business.”

ICICI Bank Opens Branch In Frankfurt

In order to capture a share in the German market for online and telephone banking, ICICI Bank UK, a wholly-owned subsidiary of ICICI Bank has opened a branch in the financial centre of Frankfurt.

Chief Executive Kundapur Vaman Kamath said, “Germany, as Europe's largest economy, is an important step in the international expansion strategy of ICICI Bank.”

The new branch, member of the Association of German Banks, will concentrate on serving corporate business groups with substantial Germany-India relationships.

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ICICI to Employ over 20,000 Annually

ICICI BankICICI Bank, the country’s second-biggest banking group, plans to hire 20,000-30,000 staff in the current fiscal.

The bank would employ between 75,000 and 1,00,000 direct employees in the coming years. If indirect staffs that comprise insurance agents are added, the bank’s total employee force would be about half-a-million in some years.

KV Kamath, Managing Director and CEO, ICICI Bank said the banking group its realty needs accordingly.