Bahrain offshore banking popular

DUBAI: The assets of ICICI Bank have reached $800 million since it began operations in Bahrain in October last year. "This is a very substantial amount for a bank by any standards, as we started our offshore banking operations in Bahrain only in October last year," general manager of ICICI (Bahrain), Ajay Sharma said.

"During such a short period, the market share of our remittances has reached 10 to 12 per cent," he told the Gulf Daily News newspaper.

ICICI had launched an 'Online International Remittances' in Bahrain, an instant money transfer facility, as part of its Internet banking services. "This is a first-time offer by any bank in the region and would be a boon to members of the Indian community", he said.

"The Bahrain branch is now expanding its reach outside Gulf Cooperation Council to the Middle East and North African countries. The bank has attained a significant market share of the retail business in Bahrain, primarily due to the high-end technology solutions offered to its customers," he added.
indiatimes.com