India's largest private sector bank, ICICI Bank has been granted a full commercial branch license by the Central Bank of Bahrain, the second Indian bank after State Bank of India to offer full banking services in the kingdom.
ICICI Bank launched its operations in Bahrain as an offshore banking unit in October 2004.
"We are happy that we got the FCB license within three years of our operations in Bahrain," said ICICI Bahrain country head Ajay Sharma.
Sharma said the bank, which operates from one location at the Manama Centre, would now open more branches in different areas of Bahrain.
At present, the OBU branch offered its products to non-resident Indians only, including facilities for remittance, deposits, saving accounts and investment.
"They can remit money now not only to India but to other countries as well. Under the FCB license, we are offering the entire products to all nationalities, including Bahrainis."