ICICI Bank, the Second largest bank in India is ready to setup a branch in New York to offer wholesale banking services and trade financing. The presence of ICICI Bank in New York will be beneficial for Indian companies having subsidiaries in the United States. ICICI has got approval from US Federal Reserve and the branch will be operational within few weeks.

ICICI Bank is already providing select services in Russia, United Kingdom, Singapore, Sri Lanka and Canada.
Mr. KV Kamath, CEO, ICICI Bank said, "We already have got approval from the US regulator, it will come up in few weeks."

ICICI Bank is very close to Lehman Brothers in terms of market capital. The Indian Bank has seen a great rise in valuations as the Indian Stock markets have touched their all time high this year. As many big banks have been hit by sub-prime issues, the Indian banks are still safe.

Mr. Kamath said that Indian Currency will see more appreciation in the years to come. As Indian currency is already hovering around its 9 year high against US dollar, the exporters and BPO companies have been hit badly.

Mr. Kamath expects Indian Currency to be stronger over next five years as GDP is strong and there is a strong inflow of funds in the country.