India's ICICI Bank has opened its first retail branch in Singapore, just a few months after the Monetary Authority of Singapore granted it a 25-branch qualified full banking licence in April.

The new outlet, located in the central business district, offers retail deposits, including savings and current accounts, fixed deposits and remittance services. Internet-based deposit products will also be introduced over the next month.

About 25 per cent of ICICI's international business is sourced from Singapore, which accounts for $5.8 billion of the bank's $90 billion annual balance sheet. The bank said it plans to expand further in the city-state and possibly to the rest of the region as new products are brought in.

"Our expectation is that we will grow around 18 per cent for the current year ending March 2011, and 20 per cent to 22 per cent the following year," Chanda Kochhar, ICICI managing director and chief executive, told several members of the media at the launch.

"We look at Singapore not just as doing business with Singapore, but the region," she added.

ICICI Bank is the second largest bank in India with total assets of Rs3,634 billion ($81 billion) as of 31 March 2010. Aside from its life and non life insurance, investment banking, and asset management services, it also has a dedicated wealth management division.