ICICI Bank to close two of its 11 branches in UK

ICICI Bank, the largest private sector lender in the country, is set to close a couple of its branches in the UK. The move follows the bank's decision to repatriate $100 million capital from its wholly-owned subsidiary ICICI Bank UK Plc. The subsidiary currently has 11 branches in the UK, and a branch each in Belgium and Germany.

ICICI Bank confirmed the development. "ICICI Bank is in the process of closing down two branches in the UK that cater to less than 2 per cent of the bank's retail customer base in that country. This move is in line with customers' preference to increasingly interact with the bank electronically, and, therefore, the move reflects the way customers do business with the bank," a spokesperson of the bank said in an e-mailed response.

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