Mumbai-based ICICI Bank’s international balance sheet has swelled to $5.4 billion since it went global in 2003. It now has a presence in 11 countries, including a recent acquisition of a bank in Russia, the Financial Times reported recently. The key to ICICI's competitiveness in overseas markets: putting domestic advantages -- such as lower technology and labor costs-- to good use. The article said:
"The combination of these domestic advantages has been the platform on which the bank has targeted a core external market of customers with links to India as a first, and the wider population later on."
ICICI is about 74 percent owned by foreign investors. More on IFC investments in India and its partnership, beginning in 1997, with ICICI.