ReleaseWire Connect

ICICI Bank respects the decision of the Eastern Magistrate’s Court, Hong Kong, in respect of the summons issued by the Securities and Futures Commission (SFC), Hong Kong. SFC has charged that ICICI Bank carried on the business of dealing in securities in Hong Kong between June 15, 2004 and March 8, 2006, without having a license to do so. ICICI Bank has been fined HKD 40,000 (USD 5,120 -- INR 2.2 lakh) and ordered to further reimburse investigation costs to the SFC.

ICICI Bank, India’s second largest Bank and a leader in Retail Banking, today announced a new initiative in its Car Loans segment. ICICI Bank has introduced an innovative service “LOTS” (Loan on the Spot) in the Car loan division for its existing saving account customers.