ICICI Bank, India’s largest private sector bank, has scaled down its overseas operations, especially in the US and Sri Lanka. It has also recalled some employees from its international offices now that the businesses of fund-raising and merger and acquisitions have shrunk, according to a report in India’s Business Standard newspaper.
“Like any organisation, ICICI Bank determines allocation of capital and other resources to different areas of business based on opportunities and risks, and continuously evaluates different areas for this purpose. ICICI Bank continues to operate its branches in Sri Lanka and the US,” a spokesperson for the bank was quoted as saying. |
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