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Investors Become More Expensive
// ICICI Bank decided to attract customers in a Russian way
Russian subsidiary of India’s ICICI Bank announced Wednesday that it raises the ruble deposit rates to 10.5 percent. It is the first foreign bank on Russia’s market to attract retail customers by means of increasing the profitability of its products. Meanwhile, experts think the bank will soon decrease the rates, on the background of the general fall of deposit rates.
ICICI Bank Eurasia made an official statement that it raised the ruble deposit rates from 7.5 to 10.5 percent. It also increased the rates for euro deposits (up to 6.5 percent) and dollar deposits (up to 7.5 percent). The bank’s retail business department head Vinoda Easvarana said these are measures “for attracting new groups of customers and making private customers more interested in placing deposits”.
Experts explain the Indian bank’s initiative by its recent appearance on Russia’s market. Svyaz-Bank Vice President Arkady Komyaginsky said that ICICI has enough foreign capital resources, so “there can be no risks with payments”.
However, bankers believe the Indian subsidiary will not be able to withstand the competition for long. “Here it’s not a trend, but a PR project,” said Mikhail Korshunov, head of Nomos-Bank’s department for promoting retail products.
www.kommersant.com
All the Article in Russian as of July 26, 2007
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