Mumbai, Maharashtra India (PressExposure) April 08, 2009 -- ICICI Bank Ltd's NRI (Non-Resident Indian) Services has been named the winner in Asia for the "Excellence in Business Model Innovation / Revenue Diversification" award at the 8th Asian Banker Excellence in Retail Financial Services Awards Programme.
ICICI Bank emerged as the winner amongst 120 banks and financial institutions from 22 countries across the Asia Pacific, Gulf and Central Asian regions, which were evaluated as part of the Excellence in Retail Financial Services Programme by The Asian Banker.
Mr. Girish Nayak, Head of NRI Services, ICICI Bank, said, "ICICI Bank has built a sustainable and profitable business proposition in the NRI business. It helps NRI's maintain the all important link with their home country by offering a complete product suite that is available at the click of a mouse or a simple phone call away. The Bank believes in innovations and it has always been at the forefront to provide the best products to its customers".
"The most exciting business innovations that have been emerging in Asia over the last years cater to a growing number of people who are involved in regional and global labour migration. While many institutions have jumped on this bandwagon recently, ICICI Bank's NRI business leaders showed vision and successful execution that was well ahead of its time," said Mr. Chris Kapfer, head of the Excellence in Retail Financial Services Awards Programme of The Asian Banker.
According to The Asian Banker, ICICI Bank's NRI business has been modeled around the NRI lifecycle approach that clearly segments the migrant cycle and aligns very specific products and services to it. This lifecycle stage approach was the first in the industry for the NRI business and a key milestone for ICICI Bank.
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