ICICI Bank Canada
ICICI Bank Canada
arrived on the Canadian banking scene in 2003, as a Schedule II chartered bank and member of the CBA and CDIC. This bank is a wholly owned subsidiary of ICICI Bank Limited, with headquarters in Mumbai, India. ICICI India is considered the second largest bank in India with recently reported assets of $100 billion in U.S. dollars. ICICI Bank Limited has an extensive presence in India and oversees, with over 1,308 branches and 3,950 ATMs throughout India. It is going strong in creating a presence in worldwide markets, with either wholly owned subsidiaries or branches in 18 countries and growing.
Bank Services and Promotions
ICICI Bank Canada is a full service bank offering personal checking and savings accounts, commercial and corporate services and accounts, treasury, wealth, business and trade services. Since its inception in 2003, ICICI Canada has opened seven branch offices, with over 125,000 customers and reports assets of over $4.00 billion. It also offers credit cards and has extensive ATM services. Its main office is in Toronto, with most of its branches and market in that area. ICIC Canada plans to expand in other areas where there are large Indian populations.
ICICI Bank Canada's focus is in its high interest savings accounts, it named, HiSave, that promises high interest rates, with no minimum deposit and no fee, if applied for online or by phone. ICICI Bank Canada has been aggressively promoting its HiSave accounts by rewarding existing customers who refer new customers, $20.00 for each new referral, up to $500.00. It has been offering a rate of 3.40 %, on the HiSave accounts since May of 2008.
Growth at the Expensive of Customer Service
ICICI Bank Canada has focused so extensively on obtaining new customers, and online deposits with its HiSave accounts, that many consumers have complained of poor customer service. ICICI Bank is aware, that its outsourcing of its bank and customer services overseas comes with a lower cost, but runs the risk of poor customer relations with its Canadian customers. For those customers who wish to benefit from the high interest rate savings accounts, sub par customer service does not seem to be much of an issue.
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