With the increase in foreign direct investment into the country, ICICI Bank on Tuesday said it is upping its focus on serving the multinational companies (MNCs). The second-largest private sector lender is looking at services beyond credit needs of such overseas corporates with an eye on the fee income possibilities, its executive director Vishakha Mulye told reporters.
It already serves about 1,500 MNCs out of an overall market of up to 5,000 companies, she said. Mulye said factors like aversion to China, favorable demographics and an improvement in the overall ease of doing business is leading many companies to look at investing in India, leading to an increase in foreign direct investment (FDI). FDI flows were at USD 30 billion in the first half of the year despite the pandemic, as against the USD 43 billion last year, she said.
The bank, which has been witnessing robust growth in its MNCs business, on Tuesday announced a dedicated offering for the segment to further accelerate on the segment, Mulye said. The 'Infinite India' service is an online platform aimed at foreign companies looking to set up shop in India and offers services like facilitating incorporation and corporate filings, Mulye said, stating that operating in India is complex for an overseas company. The bank will also get access to the dealer and vendor ecosystem of the company through such a relationship, she said, stressing that it is not credit needs alone which it is targeting to serve. She said this also blends well with its overall strategy of sticking to the India centric business from abroad.
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