ICICI Bank 2003 Annual Report Download - page 27

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25
Business Overview
The focus of our international operations in fiscal 2003 was on capturing a significant share
of NRI business and India-related trade finance volumes, developing strong correspondent
banking relationships with international banks and setting up overseas operations in identified
countries. The past year witnessed significant initiatives and successes in NRI services led
by a strategy of innovative products, technology-enabled delivery and superior customer
service. These initiatives resulted in a significant increase in NRI deposits in fiscal 2003.
Remittances recorded significant growth in fiscal 2003, driven mainly by online remittances
from the US, UK, Europe, Canada and Singapore. The growth was further enabled by an
expansion and deepening of correspondent relationships across the globe. During the year,
ICICI Bank launched e-transfer, an online remittance product targeted at NRIs in the US.
Customer service was further improved by offering multiple service channels to customers
such as international toll-free service lines (in Canada, USA and UK), chat servicing and a
dedicated NRI e-mail handling centre.
We have also made considerable progress during fiscal 2003 in establishing our overseas
operations. ICICI Bank currently has representative offices in London and New York. The
Bank has obtained regulatory approvals from RBI to upgrade its representative office in
London to a subsidiary and to establish a presence in Canada, China, Singapore and the
United Arab Emirates. Local country regulatory approvals have also been received for a
branch in Singapore, a representative office in China and a subsidiary in the United Kingdom.
Approvals from other local country regulators are awaited.
CREDIT RATING
During the year, Moody’s Investor Service upgraded ICICI Bank’s senior and subordinated
long-term foreign currency debt rating to Baa3 from Ba1, making ICICI Bank the only Indian
company with an investment-grade international credit rating. This is also one notch higher
than the sovereign rating for India. ICICI Bank’s credit ratings as per various credit rating
agencies are given below:
Agency Rating
Moody’s Investor Service (Moody’s) ................................................. Baa3
Standard & Poor’s (S&P) ..................................................................... BB
Credit Analysis & Research Limited (CARE) ..................................... CARE AAA
Investment Information and Credit Rating Agency (ICRA) .............. LAAA