Indian bank ICICI Bank leaves South Africa

ICICI Bank, India’s second largest banking player, will end its operations in South Africa after eight years of operations in the country. The structure evokes a lack of return on its assets, but also a very competitive environment in the South African banking sector. In January 2016, the bank operationalized its first full-service branch in Johannesburg, offering business-only banking. Becoming the first Indian private sector bank to open a branch on the African continent. At the time, ICICI Bank indicated that it would provide financial assistance to joint ventures and

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